Scribd Logo
Upload

Welcome to Scribd!

  • 26 views

    FABM2 - Module 2 - CAPISTRANO, JOHN SHERWIN P.

    Uploaded by

    Lucky Capistrano
    1. The document provides 11 transactions for Robinson Company and requires identifying the accounts debited and credited for each, as well as analyzing the impact on the accounting equation. 2. Transactions include purchases and sales of merchandise, payment of freight charges, payment and collection of accounts. The accounts debited and credited are identified for each transaction. 3. For each transaction, the effect on the accounting equation is shown, with assets, liabilities, and owner's equity balanced accordingly to reflect the financial impact of the transaction.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    FABM2 - Module 2 - CAPISTRANO, JOHN SHERWIN P.

    Uploaded by

    Lucky Capistrano
    26 views4 pages
    1. The document provides 11 transactions for Robinson Company and requires identifying the accounts debited and credited for each, as well as analyzing the impact on the accounting equation. 2. Transactions include purchases and sales of merchandise, payment of freight charges, payment and collection of accounts. The accounts debited and credited are identified for each transaction. 3. For each transaction, the effect on the accounting equation is shown, with assets, liabilities, and owner's equity balanced accordingly to reflect the financial impact of the transaction.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document provides 11 transactions for Robinson Company and requires identifying the accounts debited and credited for each, as well as analyzing the impact on the accounting equation. 2. Transactions include purchases and sales of merchandise, payment of freight charges, payment and collection of accounts. The accounts debited and credited are identified for each transaction. 3. For each transaction, the effect on the accounting equation is shown, with assets, liabilities, and owner's equity balanced accordingly to reflect the financial impact of the transaction.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    26 views4 pages

    FABM2 - Module 2 - CAPISTRANO, JOHN SHERWIN P.

    Uploaded by

    Lucky Capistrano
    1. The document provides 11 transactions for Robinson Company and requires identifying the accounts debited and credited for each, as well as analyzing the impact on the accounting equation. 2. Transactions include purchases and sales of merchandise, payment of freight charges, payment and collection of accounts. The accounts debited and credited are identified for each transaction. 3. For each transaction, the effect on the accounting equation is shown, with assets, liabilities, and owner's equity balanced accordingly to reflect the financial impact of the transaction.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Muntinlupa National High School – Main

    Senior High School – Accountancy, Business and Management

    ACCOUNTING 2

    Test Yourself

    Activity #1
    Analyzing transactions as to what account is debited and credited

    Robinson Company uses the perpetual inventory system and this is a VAT Registered Company.
    All transactions include 12% VAT.

    1. Purchased merchandise from X Company for P7,200 under credit terms, n/30.
    2. Purchased merchandise from BBB Company for P11,200 Cash.
    3. Paid freight on the shipment in No. 2, P500.
    4. Robinson Company sold merchandise costing P 20,000 for P25,000 under credit terms, 2/10, n/30, FOB
    Destination.
    5. Robinson Company paid P1,000 freight on no. 4 transaction.
    6. Robinson sold merchandise costing P30,000 for P40,000 for cash. Freight of P 1,200 is also paid
    by Robinson because the credit term is FOB Destination.
    7. Paid the account to X Company in full.
    8. Collected the account in no. 4 within the discount period.
    9. Purchased merchandise from DDD company for P16,800. Terms, 5,2/10,n/30, FOB Shipping point.
    10. Robinson Company paid P800 for freight on transaction no. 9.
    11. Paid the account in full within the discount period.

    REQUIRED: Using the format given below, prepare an analysis for each transaction as to what is debited or
    credited. Analyze also the effects of the transactions on the accounting equation.
    Lesson 2: Analyzing Merchandising Transactions

    ACTIVITY#1
    Analyzing transactions as to what account is debited and credited.

    Description of each transaction Account Debited Account Credited


    1. Purchased merchandised Merchandised Inventory, 7,200 Accounts Payable, 9,064
    VAT payable, 864
    2. Purchased merchandised Merchandised Inventory, 11,200 Cash, 12,544
    VAT payable, 1,344
    3. Purchased merchandised Merchandised Inventory, 2,500 Cash, 2,500
    4. Sold merchandised Cost of Sale, 20,000 Merchandised Inventory, 20,000
    Account Receivable, 28,000 Sales, 25,000
    VAT payable, 3,000
    5. Sold merchandised Freight out, 1,000 Cash, 1,000
    6. Sold merchandised Cost of sale, 30,000 Merchandised Inventory, 30,000
    Cash, 44,800 Sales, 40,000
    Freight out, 1,200 VAT payable, 4,800
    Cash, 1,200
    7. Paid account Accounts Payable, 8,064 Cash, 8,064
    8. Collected account Cash, 27,440 Account Receivable, 28,000
    Sales discount, 500
    VAT payable, 60
    9. Purchased merchandised Merchandised Inventory, 15,960 Accounts Payable, 17,875.2
    VAT payable, 1,915.2
    10. Sold merchandised Freight out, 800 Cash, 800
    11.Paid account Accounts Payable, 17,875.2 Merchandised Inventory, 319.2
    VAT payable, 38.3
    Cash, 17,517.17
    Analysis as to the effect of each transaction on the accounting equation.
    1. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    7,200 -864 No effect
    8,064

    = 7,200 = 7,200

    2. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    11,200 -1,344 No effect
    -12,544

    = -1,344 = -1,344

    3. Effect on the Accounting Equation


    ASSETS = LIABILITIES OWNER’S EQUITY
    2,500 No effect No effect
    -2,500

    =0

    4. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    28,000 3,000 -20,000
    -20,000 25,000

    = 3,000 = 3,000 = 3,000

    5. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    -1,000 No effect -1,000

    = -1,000 = -1,000

    6. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    44,800 4,800 -30,000
    -30,000 40,000
    -1,200 -1,200
    = 13,600 = 13,600
    7. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    -8,064 -8,064 No effect

    = -8,064 = -8,064

    8. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    27,400 -60 -500
    -28,000

    = -560 = -560 = -500

    9. Effect on the Accounting Equation


    ASSETS = LIABILITIES OWNER’S EQUITY
    15,960 -1,915.2 No effect
    -17,875.2

    = 15,960 = 15,960

    10. Effect on the Accounting Equation

    ASSETS = LIABILITIES OWNER’S EQUITY


    800 No effect No effect
    -800

    =0

    11. Effect on the Accounting Equation


    ASSETS = LIABILITIES OWNER’S EQUITY
    -319.2 -17,875.2 No effect
    -17,517.17 38.3

    = -17,836.9 = -17,836.9

    You might also like