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16. The following transactions were entered into by Dr. Jo Valdez for the month of June: 04 Jo Valdez opened "Jo's Health Spa" by investing P1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P500,000. 07 Interviewed a nurse and a business graduate to work for her for a salary of P15,000. 08 Valdez bought for cash P900,000 worth of equipment and P15,000 worth of supplies. 10 Bought furniture & fixtures from a friend at a cost of P150,000 promising to pay after 7 days. Only P80,000 of this was placed in the clinic. The remaining P70,000 furniture and fixtures were placed in her condominium unit. 12 Applied for a P2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. 14 Withdrew supplies worth P2,000 for personal use. 15 The loan was approved and the money deposited for the account of the health spa. 17 Paid one half of the amount due on the furniture and fixtures. 30 A two-story clinic was constructed on the inherited lot. The construction cost amounted to P2,400,000. Terms: down payment P500,000, and a note for the balance.

16. The following transactions were entered into by Dr. Jo Valdez for the month of June: 04 Jo Valdez opened "Jo's Health Spa" by investing P1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P500,000. 07 Interviewed a nurse and a business graduate to work for her for a salary of P15,000. 08 Valdez bought for cash P900,000 worth of equipment and P15,000 worth of supplies. 10 Bought furniture & fixtures from a friend at a cost of P150,000 promising to pay after 7 days. Only P80,000 of this was placed in the clinic. The remaining P70,000 furniture and fixtures were placed in her condominium unit. 12 Applied for a P2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. 14 Withdrew supplies worth P2,000 for personal use. 15 The loan was approved and the money deposited for the account of the health spa. 17 Paid one half of the amount due on the furniture and fixtures. 30 A two-story clinic was constructed on the inherited lot. The construction cost amounted to P2,400,000. Terms: down payment P500,000, and a note for the balance.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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pr3pare the journal entries.
16. The following transactions were entered into by Dr. Jo Valdez for the month of June: 04 Jo Valdez opened "Jo's Health Spa" by investing P1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P500,000. 07 Interviewed a nurse and a business graduate to work for her for a salary of P15,000. 08 Valdez bought for cash P900,000 worth of equipment and P15,000 worth of supplies. 10 Bought furniture & fixtures from a friend at a cost of P150,000 promising to pay after 7 days. Only P80,000 of this was placed in the clinic. The remaining P70,000 furniture and fixtures were placed in her condominium unit. Applied for a P2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. 12 14 Withdrew supplies worth P2,000 for personal use. 15 The loan was approved and the money deposited for the account of the health spa. 17 Paid one half of the amount due on the furniture and fixtures. 30 A two-story clinic was constructed on the inherited lot. The construction cost amounted to P2,400,000. Terms: down payment P500,000, and a note for the balance.
Transcribed Image Text:16. The following transactions were entered into by Dr. Jo Valdez for the month of June: 04 Jo Valdez opened "Jo's Health Spa" by investing P1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P500,000. 07 Interviewed a nurse and a business graduate to work for her for a salary of P15,000. 08 Valdez bought for cash P900,000 worth of equipment and P15,000 worth of supplies. 10 Bought furniture & fixtures from a friend at a cost of P150,000 promising to pay after 7 days. Only P80,000 of this was placed in the clinic. The remaining P70,000 furniture and fixtures were placed in her condominium unit. Applied for a P2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. 12 14 Withdrew supplies worth P2,000 for personal use. 15 The loan was approved and the money deposited for the account of the health spa. 17 Paid one half of the amount due on the furniture and fixtures. 30 A two-story clinic was constructed on the inherited lot. The construction cost amounted to P2,400,000. Terms: down payment P500,000, and a note for the balance.
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