Scribd
Upload
10 views3 pages

Accounting Transactions Overview

The document outlines various accounting transactions, including purchases, payments, and income, along with their corresponding debits and credits. Each transaction affects assets, liabilities, or expenses, demonstrating the principles of double-entry accounting. The document also includes an analysis of the impact on the accounting equation for each transaction.

Uploaded by

Jabez Bits Divina
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
10 views3 pages

Accounting Transactions Overview

The document outlines various accounting transactions, including purchases, payments, and income, along with their corresponding debits and credits. Each transaction affects assets, liabilities, or expenses, demonstrating the principles of double-entry accounting. The document also includes an analysis of the impact on the accounting equation for each transaction.

Uploaded by

Jabez Bits Divina
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

B.

T – ACCOUNTING
2. Bought Supplies with Cash, P15,000.
Supplies
Cash
Dr Cr Dr
Cr
15,000
15,000
Analysis:
Debit is Increased in one form of assets.
Credit is Decreased in another for of assets.

[Link] Monthly Rent, P10,000


Utilities Expense
Cash
Dr Cr Dr
Cr
10,000
10,000
Analysis:
Debit is Increased in expense.
Credit is Increased in asset.

[Link] Owner Withdrew P1,000 for personal use.


Owner’s Drawing
Cash
Dr Cr Dr
Cr
1,000
1,000
Analysis:
Debit is Increased in withdrawal.
Credit is Increased in asset.

[Link] equipment on account, P25,000


Equipment
Accounts Payable
Dr Cr Dr
Cr
25,000
25,000
Analysis:
Debit is Increased in asset.
Credit is Increased in liability.
[Link] the October 18 account
Cash
Accounts Payable
Dr Cr Dr
Cr
25,000 25,000
Analysis:
Debit is Decreased in liability.
Credit is Decreased in asset.

[Link] service to client on account, P15,000


Accounts Receivable Service
Income
Dr Cr Dr
Cr
15,000
15,000
Analysis:
Debit is Increased in asset.
Credit is Increased in income.

[Link] money from October 27 on client’s account


Cash
Accounts Receivable
Dr Cr Dr
Cr
15,000
15,000
Analysis:
Debit is Increased in one form of asset.
Credit is Decreased in another form of asset.

a. Acc- Equation
Assets Liability
Capital
2. Cash (15,000) 0 0
Supplies 15,000

[Link] (10,000) 0 Utilities


Expense (10,000)
[Link] (1,000) 0
Owner’s Drawing (1,000)
[Link] 25,000 Accounts Payable 25,000
0

[Link] (25,000) Accounts Payable (25,000)


0

[Link] Receivable 0
Service Income
15,000
15,000
[Link] 15,000 0
0
Accounts Receivable
(15,000)

You might also like