July 30, 2021- Bello collected P21,000 from various patients who owed her money in entry#8July 31, 2021- Bello paid P10,00o for rent, P2.500 for utilities, and P15,000 for salaries of employeesJuly 31, 2021- Bello withdrew P3,000 from the business for his personal use2. Prepare the following:a) Journal Entryb) T-accountc) Trial Balanced) Balance Sheet Еxercise1. Analyze the following business transactions of Bello Clinic, a sole proprietorship. Record the transaction bythe following the rules of debits and credits.Use the following account titles: Cash, Account Receivable, Prepaid Insurance, Furniture and Fixtures, Computers,Account Payable, Notes Payable, Bello Capital, Bello Drawing. Professional Fees, Salaries Expense, Rent Expense.Utilities Expense and Organizational Expense.July 1, 2021 - Bello invested P 100,0oo into the businessJuly3. 2021 - Bello paid P 7. 500 to City Hall for business permitJuly 5, 2021 - Bello paid P10,000 for one year insuranceJuly 10, 2021- Bello purchased computer equipment amounting to P20,000 for the clinicJuly 11, 2021- Bello acquired furniture and fixture on account amounting to P15.000July 15. 2021- Bello barrowed P30.000 from the bank by signing a noteJuly 17, 2021- Bello rendered professional service to various patients and received P35.000 cashJuly 20, 2021- Bello rendered professional service to various patients. The total bill of these patients amounted toP21,000. These patients had no cash with them and promised t pay Bello on July 30, 2021

1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Answered: 2. Prepare the following: a) Journal…

Business

Accounting

2. Prepare the following: a) Journal Entry b) T-account c) Trial Balance d) Balance Sheet

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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Question

July 30, 2021- Bello collected P21,000 from various patients who owed her money in entry#8
July 31, 2021- Bello paid P10,00o for rent, P2.500 for utilities, and P15,000 for salaries of employees
July 31, 2021- Bello withdrew P3,000 from the business for his personal use
2. Prepare the following:
a) Journal Entry
b) T-account
c) Trial Balance
d) Balance Sheet

Еxercise
1. Analyze the following business transactions of Bello Clinic, a sole proprietorship. Record the transaction by
the following the rules of debits and credits.
Use the following account titles: Cash, Account Receivable, Prepaid Insurance, Furniture and Fixtures, Computers,
Account Payable, Notes Payable, Bello Capital, Bello Drawing. Professional Fees, Salaries Expense, Rent Expense.
Utilities Expense and Organizational Expense.
July 1, 2021 - Bello invested P 100,0oo into the business
July3. 2021 - Bello paid P 7. 500 to City Hall for business permit
July 5, 2021 - Bello paid P10,000 for one year insurance
July 10, 2021- Bello purchased computer equipment amounting to P20,000 for the clinic
July 11, 2021- Bello acquired furniture and fixture on account amounting to P15.000
July 15. 2021- Bello barrowed P30.000 from the bank by signing a note
July 17, 2021- Bello rendered professional service to various patients and received P35.000 cash
July 20, 2021- Bello rendered professional service to various patients. The total bill of these patients amounted to
P21,000. These patients had no cash with them and promised t pay Bello on July 30, 2021

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