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Problem 1: Greyson Industries purchased supplies for P1,000. They paid P500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for P1,000, a credit to a liability account for P500. Which of the following would be the correct way to complete the recording of the transaction?
Group of answer choices:
Option 1: Credit another liability account for P500.
Option 2: Debit the Greyson, Capital account for P500.
Option 3: Credit an asset account for P500.
Option 4: Credit the Greyson, Capital account for P500.
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