Question

ACTIVITY: Transaction Analysis.

Transactions:
Received P270, 000 cash from client-Andoque for services rendered.
Paid P490, 000 of salaries to employee-De Jesus.
Collected P130, 000 from client-Flores on account.
The owner, Lunzagay, withdrew P80, 000 cash for personal use.
Purchased P150, 000 of supplies on account from Menes.
Billed client-Romero an amount of P190, 000 for services rendered.
Paid P200, 000 to supplier-Sombilon on account.


For each of the transactions for Lunzagay Antique Restorer, a sole proprietorship, fill in the spaces to answer the following questions:

What are the two accounts affected by the transaction?
What type of account is affected—asset, liability, owner’s capital, owner's withdrawal, income or expense account?
Should the account be increased or decreased?
Should the account be debited or credited?


Trans.

Accounts Affected

Type
of Account

Increase
or Decrease

Debit
or Credit

a.
1.









2.








b.
1.









2.








c.
1.









2.








d.
1.









2.








e.
1.









2.








f.
1.









2.








g.
1.









2.​

Answer 1

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