A. Dr. Ignacio opened her Skin Care Clinic at Horizon plaza with transactions for the month of March. 1 Dr. Ignacio made a cash investment of P150,000 to open a clinic at Horizon Plaza. 5 Purchased medical equipment from Riviera Medical Supplies for P90,000. Terms: 50% cash, balance payable in two equal installments, with first installment due at the end of the month. 10 Purchased supplies for P17,850 and paid cash. 12 Bought office equipment from Delta Equipment P15,000 on credit. 15 Professional Care Fees of P65,000 represented total fees earned. Only P50,000 were received in cash, the balance is due from Mr. Mateo P6,000 and Ms. Myrasol P9,000. 19 Paid Delta Equipment one third of the outstanding account. 20 Utility expenses paid, P18,500 25 Payment of P25,000 were made for: Rent P15,000 and Advertising P10,000. 27 Professional Care Fees earned and collected amounted to P45,000 including one third of Ms. Myrasol's account. 29 The first installment on the medical equipment bought was paid in cash. 30 Salaries of nurse and medical intern were paid in cash, P36,000. 31 Summary in collections in cash amounted to P30,000 for services rendered including one half of Mr. Mateo's account. 31. Supplies used, P13,500.

A. Dr. Ignacio opened her Skin Care Clinic at Horizon plaza with transactions for the month of March. 1 Dr. Ignacio made a cash investment of P150,000 to open a clinic at Horizon Plaza. 5 Purchased medical equipment from Riviera Medical Supplies for P90,000. Terms: 50% cash, balance payable in two equal installments, with first installment due at the end of the month. 10 Purchased supplies for P17,850 and paid cash. 12 Bought office equipment from Delta Equipment P15,000 on credit. 15 Professional Care Fees of P65,000 represented total fees earned. Only P50,000 were received in cash, the balance is due from Mr. Mateo P6,000 and Ms. Myrasol P9,000. 19 Paid Delta Equipment one third of the outstanding account. 20 Utility expenses paid, P18,500 25 Payment of P25,000 were made for: Rent P15,000 and Advertising P10,000. 27 Professional Care Fees earned and collected amounted to P45,000 including one third of Ms. Myrasol's account. 29 The first installment on the medical equipment bought was paid in cash. 30 Salaries of nurse and medical intern were paid in cash, P36,000. 31 Summary in collections in cash amounted to P30,000 for services rendered including one half of Mr. Mateo's account. 31. Supplies used, P13,500.

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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