This is my friend's problem, though he had already answered it but majority is not sure so I am asking to kindly help us solve the problems. Thank you so much. A. State the accounting equation in the following selected transactions of Dr. J. Alvarez, apracticing physician:1. Dr. Alvarez established the Alvarez Medical and Surgical Clinic by investing P8,000cash and medical equipment with a fair value of P10,0002. Professional fees of P500 were received in cash from a client.3. Bought medical library worth P8,000 from NBS Bookstore by paying P2,000 cash andpromised to pay the balance in 30 days.4. Paid P200 for medical supplies ordered and received.5. Received P150 from a patient for a general check-up performed on him.6. Sent a bill to Mr. A. Ruzano for surgical services rendered, P600.7. Paid the rent for the month, P500.8. Bought medical instruments from L.A Trading P450 on credit.9. Paid P2,000 to NBS Bookstore as partial payment of the account due to it.10. Mr. Ruzano paid P300 as partial settlement of his account.11. Billed a patient P300 for surgical services rendered.B. State the effects of the following transactions on the assets, liabilities andproprietorship of the business:1. R. Moore opened a T.V repair shop by investing P2,000 in the business.2. Purchased shop supplies for cash P480.3. Purchased additional supplies, P250 and shop equipment P750 on credit fromElectronic Supplies, Inc.4. Repaired the T.V set of C. Karen and collected P150 cash.5. Paid Electronic Supplies, Inc. P500 as partial settlement of the account due to it6. Repaired the T.V set of K. Hepburn on credit, P180.7. Paid the monthly utility bill, P90.8. Received P800 from various customers for repair service done on their automobiles.9. Withdrew P500 from the business for personal use.C. Give example of business transactions which will prove the equality of the followingequations:1. Increase in assets = Increase in proprietorship2. Increase in assets = Increase in liabilities3. Decrease in assets = Decrease in proprietorship4. Decrease in assets = Decrease in liabilities5. Increase in one form of asset = Decrease in another form of asset6. Decrease in one form of liability = Increase in another form of liability

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A. State the accounting equation in the following selected transactions of Dr. J. Alvarez, a practicing physician: 1. Dr. Alvarez established the Alvarez Medical and Surgical Clinic by investing P8,000 cash and medical equipment with a fair value of P10,000 2. Professional fees of P500 were received in cash from a client. 3. Bought medical library worth P8,000 from NBS Bookstore by paying P2,000 cash and promised to pay the balance in 30 days. 4. Paid P200 for medical supplies ordered and received. 5. Received P150 from a patient for a general check-up performed on him. 6. Sent a bill to Mr. A. Ruzano for surgical services rendered, P600. 7. Paid the rent for the month, P500. 8. Bought medical instruments from L.A Trading P450 on credit. 9. Paid P2,000 to NBS Bookstore as partial payment of the account due to it. 10. Mr. Ruzano paid P300 as partial settlement of his account. 11. Billed a patient P300 for surgical services rendered.

A. State the accounting equation in the following selected transactions of Dr. J. Alvarez, a practicing physician: 1. Dr. Alvarez established the Alvarez Medical and Surgical Clinic by investing P8,000 cash and medical equipment with a fair value of P10,000 2. Professional fees of P500 were received in cash from a client. 3. Bought medical library worth P8,000 from NBS Bookstore by paying P2,000 cash and promised to pay the balance in 30 days. 4. Paid P200 for medical supplies ordered and received. 5. Received P150 from a patient for a general check-up performed on him. 6. Sent a bill to Mr. A. Ruzano for surgical services rendered, P600. 7. Paid the rent for the month, P500. 8. Bought medical instruments from L.A Trading P450 on credit. 9. Paid P2,000 to NBS Bookstore as partial payment of the account due to it. 10. Mr. Ruzano paid P300 as partial settlement of his account. 11. Billed a patient P300 for surgical services rendered.

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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