Answer to Question #260885 in Accounting for mackie

Question

Analyzing various transactions : Purchase and Sale

The following transactions took place between Yamaha Company, a manufacturer of piano and

RhelJohn Store, a distributor.

1. Yamaha Company shipped 10 units of piano having a list price of P2,500 each to RJ Store.

Terms, 5,2/10,n/30,F.O.B, Shipping point. Freight of P800 was paid by Rj store for the

shipment.

2. RhelJohn store returned 1 unit due to defective quality.

3. RhelJohn Store paid the account in full within the discount period.

REQUIRED: Complete the table below and analyze each transaction as to their effects on the accounting

equation.

Description of each transaction Account Debited Account Credited

1. Effect on the Accounting Equation

ASSETS = LIABILITIES = OWNER’S EQUITY

2. Effect on the Accounting Equation

ASSETS = LIABILITIES = OWNER’S EQUITY

3. Effect on the Accounting Equation

ASSETS = LIABILITIES = OWNER’S EQUITY

Answer 1

Dear mackie, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order