5. The following transactions were entered into by Dr. Jo Valdez for June: 04 Jo Valdez opened "Jo's Health Spa" by investing P 1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P 500,000. Interviewed a nurse and a business graduate to work for her for a salary of P 15,000 Valdez bought for cash P 900,000 worth of equipment and P 15,000 worth of supplies Bought furniture and fixtures from a friend at a cost of P 150,000, promising to pay after 7 days. Only P 80,000 of this was placed in the clinic. The remaining P 70,000 furniture & fixtures were placed in her condominium unit Applied for a P 2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. Withdrew supplies worth P 2,000 for personal use The loan was approved, and the money deposited for the account of the health spa Paid one half of the amount due on the furniture and fixtures. A two-story clinic was constructed on the inherited lot. The construction cost amounted to P 2,400.000. Term: down payment P 500,000 and a note for the balance. 07 08 10 12 14 15 17 30 (a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital (b) Prepare Statement of Financial Position 2020.11.19 21:42
5. The following transactions were entered into by Dr. Jo Valdez for June: 04 Jo Valdez opened "Jo's Health Spa" by investing P 1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P 500,000. Interviewed a nurse and a business graduate to work for her for a salary of P 15,000 Valdez bought for cash P 900,000 worth of equipment and P 15,000 worth of supplies Bought furniture and fixtures from a friend at a cost of P 150,000, promising to pay after 7 days. Only P 80,000 of this was placed in the clinic. The remaining P 70,000 furniture & fixtures were placed in her condominium unit Applied for a P 2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. Withdrew supplies worth P 2,000 for personal use The loan was approved, and the money deposited for the account of the health spa Paid one half of the amount due on the furniture and fixtures. A two-story clinic was constructed on the inherited lot. The construction cost amounted to P 2,400.000. Term: down payment P 500,000 and a note for the balance. 07 08 10 12 14 15 17 30 (a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital (b) Prepare Statement of Financial Position 2020.11.19 21:42
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:5. The following transactions were entered into by Dr. Jo Valdez for June:
04
Jo Valdez opened "Jo's Health Spa" by investing P 1,500,000 cash and
half of a lot inherited by Jo and her sister Ann worth P 500,000.
Interviewed a nurse and a business graduate to work for her for a salary
of P 15,000
Valdez bought for cash P 900,000 worth of equipment and P 15,000
worth of supplies
Bought furniture and fixtures from a friend at a cost of P 150,000,
promising to pay after 7 days. Only P 80,000 of this was placed in the
clinic. The remaining P 70,000 furniture & fixtures were placed in her
condominium unit
07
08
10
Applied for a P 2,500,000 business loan from a bank by mortgaging her
inherited lot. The money will be used to construct the clinic.
Withdrew supplies worth P 2,000 for personal use
The loan was approved, and the money deposited for the account of the
health spa
Paid one half of the amount due on the furniture and fixtures.
A two-story clinic was constructed on the inherited lot. The construction
cost amounted to P 2,400.000. Term: down payment P 500,000 and a
note for the balance.
12
14
15
17
30
(a) Analyze the transactions in an accounting equation similar to the Clearcopy
demonstration format. Include money columns for Cash, Supplies, Land,
Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable,
Valdez, Capital
(b) Prepare Statement of Financial Poșition
2020.11.19 21:42
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