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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PLEASE ANSWER ASAP, I REALLY NEED HELP
REQUIRED:
•
Transcribed Image Text: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.
Transcribed Image Text:April 2, Rolly invested P300,000 for his new venture Rolly's.
Paid P35,000 for renovation expense but was inputed in the books as P53,000.
Bought chairs from ABC Store, was required to pay 30% for P15,000, balance on account.
2
2
3 Hired three barbers, salary P20,000/each per month.
4 Entered into a contract of loan from PNB for P200,000 cash.
Bought supplies valued at P5,000.
Used electric and water for the month for a total of P15,000.
Received P10,000 for services rendered for the day.
8 Earned and received P10,000 for other services rendered for the day.
20 Paid 25% of liability to ABC store.
21 Rendered service for P15,000 for the day, but payment was not yet received.
28 Used supplies worth P2,000
30 Paid rent for P25,000.
30 Corrected the error in April 2.
5
6
7
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education