answer the ff. journal entry with account title and explanation in a 2 columnar Ex.DATEACCOUNT TITLE AND EXPLANATIONDEBITCREDITJAN 1Cash Accounts Payable To record the payment....11 Abanico.1. Dr. Abanico opened a dental clinic by investing P 300,000 cash; land P 200,000;small building for clinic and office P 1,800,000.Purchased dental supplies for cash, P 55,000.3. Purchased dental equipment from BB Trading on credit, P 106,000.Paid for promotion of the clinic, P 10,000.5. Completed dental work for J. Carlos and collected P 12,000 therefore.Paid P 60,000 to BB Trading as partial settlement of the account.7. Paid the dental assistant's salary, P 6,500.Completed additional work for J. Carlos and collected P 6,000 and a promissorynote for the balance of P 12,000 at the end of the month.9. Paid the balance of the account due to BB Trading.Withdrew P 15,000 for personal use.2.10.

Personal A/c RuleDr. The receiverCr. The giver. Real A/c Rule Dr. What comes in.Cr. What goes out.…

Answered: Aban 1. 2. D ST P

Business

Accounting

Aban 1. 2. D ST P

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

answer the ff. journal entry with account title and explanation in a 2 columnar

Ex.

DATE

ACCOUNT TITLE AND EXPLANATION

DEBIT

CREDIT

JAN 1

Cash

Accounts Payable

To record the payment....

Abanico.
1. Dr. Abanico opened a dental clinic by investing P 300,000 cash; land P 200,000;
small building for clinic and office P 1,800,000.
Purchased dental supplies for cash, P 55,000.
3. Purchased dental equipment from BB Trading on credit, P 106,000.
Paid for promotion of the clinic, P 10,000.
5. Completed dental work for J. Carlos and collected P 12,000 therefore.
Paid P 60,000 to BB Trading as partial settlement of the account.
7. Paid the dental assistant's salary, P 6,500.
Completed additional work for J. Carlos and collected P 6,000 and a promissory
note for the balance of P 12,000 at the end of the month.
9. Paid the balance of the account due to BB Trading.
Withdrew P 15,000 for personal use.
2.
10.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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