Accounta. Account debitedAmount100,0001Lacson invested P100,000 cash in theCashbusinessb. Account creditedLacson,100,000CapitalRent Expense 5,000Paid PS,000 for office rent for thea. Account debitedmonth.b. Account creditedCash5,0003Purchased P1,500 of supplies ona. Account debitedaccount.b. Account crediteda. Account debitedb. Account creditedReceived P6,000 for services provided. a. Account debitedb. Account crediteda. Account debitedPaid P3,000 to advertise on the radio.5.6.Withdrew P8,000 for personal use.b. Account credited7.Performed P7,000 of services ona. Account debitedaccount.b. Account crediteda. Account debitedb. Account crediteda. Account debitedb. Account crediteda. Account debitedPaid PS,000 for employee salaries.Paid for supplies purchased in No.310. Received cash payment of P3,000 forservices provided on account in No. 7b. Account credited9,

Name: Accounta. Account debitedAmount100,0001Lacson invested P100,000 cash
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Description: Accounta. Account debitedAmount100,0001Lacson invested P100,000 cash in theCashbusinessb. Account creditedLacson,100,000CapitalRent Expense 5,000Paid PS,000 for office rent for thea. Account debitedmonth.b. Account creditedCash5,0003Purchased P1,500

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Business

Accounting

Account Amount Lacson invested P100,000 cash in the business a Account debited Cash 100,000 b. Account credited Lacson Capital Rent Expense 5,000 100,000 Paid PS,000 for office rent for the month a. Account debited b. Account credited a Account debited Cash 5,000 Purchased P1,500 of supplies on account b. Account credited a Account debited b. Account credited Received P6,000 for services provided.a Account debited b. Account credited a Account debited b. Account credited a. Account debited 4. Paid P3,000 to advertise on the radio. 5. 6. Withdrew PB,000 for personal use. 7. Performed P7,000 of services on account. b. Account credited Account debited b. Account credited Paid PS,000 for employee salaries

Account Amount Lacson invested P100,000 cash in the business a Account debited Cash 100,000 b. Account credited Lacson Capital Rent Expense 5,000 100,000 Paid PS,000 for office rent for the month a. Account debited b. Account credited a Account debited Cash 5,000 Purchased P1,500 of supplies on account b. Account credited a Account debited b. Account credited Received P6,000 for services provided.a Account debited b. Account credited a Account debited b. Account credited a. Account debited 4. Paid P3,000 to advertise on the radio. 5. 6. Withdrew PB,000 for personal use. 7. Performed P7,000 of services on account. b. Account credited Account debited b. Account credited Paid PS,000 for employee salaries

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 6SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...

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EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.