Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month: Instruction: For each of the following transactions, indicate the account debited or credited and the corresponding amount. Account Amount 1 Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, 100,000 Capital Rent Expense 2 Paid P5,000 for office rent for the a. Account debited 5,000 month. b. Account credited Cash 5,000 3 Purchased P1,500 of supplies on a. Account debited account. b. Account credited 4. Paid P3,000 to advertise on the radio. a. Account debited b. Account credited 5. Received P6,000 for services provided. a. Account debited b. Account credited 6. Withdrew P8,000 for personal use. a. Account debited b. Account credited 7. Performed P7,000 of services on a. Account debited account. b. Account credited 8. Paid P5,000 for employee salaries. a. Account debited b. Account credited 9. Paid for supplies purchased in No.3 a. Account debited b. Account credited Received cash payment of P3,000 for services provided on account in No. 7 10. a. Account debited b. Account credited

Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month: Instruction: For each of the following transactions, indicate the account debited or credited and the corresponding amount. Account Amount 1 Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, 100,000 Capital Rent Expense 2 Paid P5,000 for office rent for the a. Account debited 5,000 month. b. Account credited Cash 5,000 3 Purchased P1,500 of supplies on a. Account debited account. b. Account credited 4. Paid P3,000 to advertise on the radio. a. Account debited b. Account credited 5. Received P6,000 for services provided. a. Account debited b. Account credited 6. Withdrew P8,000 for personal use. a. Account debited b. Account credited 7. Performed P7,000 of services on a. Account debited account. b. Account credited 8. Paid P5,000 for employee salaries. a. Account debited b. Account credited 9. Paid for supplies purchased in No.3 a. Account debited b. Account credited Received cash payment of P3,000 for services provided on account in No. 7 10. a. Account debited b. Account credited

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

since due to Q&A guidelines, you must answer the first three sub-parts, could you please answer to questions 4, 5 and 6, please? thank you
Would you please provide the answer for #4 as well? Thank you!
Kindly answer #4 will surely given an upvote thank you
All blanks need to be filled please and thank you, it's incomplete as of now.
PLEASE EXPLAIN EACH POINT STEP BY STEP
Can you please solve questions 5-15 of the problem above. Thank you.
can you please show me how to calculate this without using excel? Thanks
How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Please help on parts 4 and 5. Please also show work on how to do.
Can someone please show me how to do this?
The response provided is very brief, i need more explanation and analysis