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Assignment1 M1 Transaction Analysis

The document summarizes 7 transactions for Jaylen Antique Restorer involving cash, salaries, accounts receivable, owner's withdrawal, supplies, billing clients, and paying suppliers. For each transaction, it identifies the two accounts affected, whether they are assets, liabilities, owner's capital, income or expenses, and whether the accounts should be increased or decreased and debited or credited.

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Angel DIMACULANGAN
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1K views

Assignment1 M1 Transaction Analysis

The document summarizes 7 transactions for Jaylen Antique Restorer involving cash, salaries, accounts receivable, owner's withdrawal, supplies, billing clients, and paying suppliers. For each transaction, it identifies the two accounts affected, whether they are assets, liabilities, owner's capital, income or expenses, and whether the accounts should be increased or decreased and debited or credited.

Uploaded by

Angel DIMACULANGAN
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Transactions:

a. Received P260,000 cash from clients for services rendered.


b. Paid P480,000 of salaries to employees.
c. Collected P120,000 from clients on account.
d. The owner, Jaylen, withdrew P80,000 cash for personal use.
e. Purchased P140,000 of supplies on account.
f. Billed clients P180,000 for services rendered.
g. Paid P100,000 to suppliers on account.
For each of the transactions for Jaylen Antique Restorer, a sole proprietorship, fill in the
spaces to answer the following questions:
1. What are the two accounts affected by the transaction?
2. What type of account is affected - asset, liability, owner's capital, owner's withdrawal,
income or expense account?
3. Should the account be increased or decreased?
4. Should the account be debited or credited?
Account Type of Increase/ Debit/
Transaction Affected Account Decrease Credit
a. 1. Cash Asset Increase Debit
Service
2. Income Increase Credit
Revenue
b. 1. Salary Expense Expense Increase Debit
2. Cash Asset Decrease Credit
Accounts
c. 1. Asset Decrease Credit
Receivable
2. Cash Asset Increase Debit
Owner’s
d. 1. Owner’s Capital Increase Debit
Withdrawal
2 Cash Asset Decrease Credit
e. 1. Supplies Asset Increase Debit
Account’s
2. Payables
Liabilities Increase Credit

Accounts
f. 1. Asset Increase Debit
Receivable
Service
2. Income Increase Credit
Revenue
Accounts
g. 1. Payable
Liabilities Decrease Debit

2. Cash Asset Decrease Credit

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