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Allan Julian a practicing dentist has completed the following transactions for the month of April 2020. 1. April 2- Invested a dental equipment valued at P 62,300 and placed P80,000 cash in a business checking account. 2. April 3- Acquired a service vehicle costing P 180,000. Paid P50,000 cash and promise to pay the balance in 30 days. 3. April 4- Purchased dental supplies on account for P 13,200. 4. April 5 Completed a dental job and billed the patient for P 124,800. 5. April 7-Received P 51,500 cash from the patient for dental services rendered. 6. April 11- Received a P 60,800 check from the patient billed on April 5. 7. April 12- Paid P14,000 for an insurance policy for a one-year coverage. 8. April 14- Paid the medical assistant P15,500 for twenty-five hours' work. 9. April 15 – Paid P4,500 for a tune-up of the service vehicle. 10. April 18 - Paid for the dental supplies purchased on April 4 P 7,000.

Allan Julian a practicing dentist has completed the following transactions for the month of April 2020. 1. April 2- Invested a dental equipment valued at P 62,300 and placed P80,000 cash in a business checking account. 2. April 3- Acquired a service vehicle costing P 180,000. Paid P50,000 cash and promise to pay the balance in 30 days. 3. April 4- Purchased dental supplies on account for P 13,200. 4. April 5 Completed a dental job and billed the patient for P 124,800. 5. April 7-Received P 51,500 cash from the patient for dental services rendered. 6. April 11- Received a P 60,800 check from the patient billed on April 5. 7. April 12- Paid P14,000 for an insurance policy for a one-year coverage. 8. April 14- Paid the medical assistant P15,500 for twenty-five hours' work. 9. April 15 – Paid P4,500 for a tune-up of the service vehicle. 10. April 18 - Paid for the dental supplies purchased on April 4 P 7,000.

FINANCIAL ACCOUNTING
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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Allan Julian a practicing dentist has completed the following transactions for the month of April 2020. 1. April 2- Invested a dental equipment valued at P 62,300 and placed P80,000 cash in a business checking account. 2. April 3- Acquired a service vehicle costing P 180,000. Paid P50,000 cash and promise to pay the balance in 30 days. 3. April 4- Purchased dental supplies on account for P 13,200. 4. April 5 Completed a dental job and billed the patient for P 124,800. 5. April 7-Received P 51,500 cash from the patient for dental services rendered. 6. April 11- Received a P 60,800 check from the patient billed on April 5. 7. April 12- Paid P14,000 for an insurance policy for a one-year coverage. 8. April 14 - Paid the medical assistant P15,500 for twenty-five hours' work. 9. April 15 – Paid P4,500 for a tune-up of the service vehicle. 10. April 18- Paid for the dental supplies purchased on April 4 P 7,000. 11. April 22 Received a telephone bill for P 900, to be paid next month. 12. April 24 - Transferred P 13,000 to a personal checking account.
Transcribed Image Text:Allan Julian a practicing dentist has completed the following transactions for the month of April 2020. 1. April 2- Invested a dental equipment valued at P 62,300 and placed P80,000 cash in a business checking account. 2. April 3- Acquired a service vehicle costing P 180,000. Paid P50,000 cash and promise to pay the balance in 30 days. 3. April 4- Purchased dental supplies on account for P 13,200. 4. April 5 Completed a dental job and billed the patient for P 124,800. 5. April 7-Received P 51,500 cash from the patient for dental services rendered. 6. April 11- Received a P 60,800 check from the patient billed on April 5. 7. April 12- Paid P14,000 for an insurance policy for a one-year coverage. 8. April 14 - Paid the medical assistant P15,500 for twenty-five hours' work. 9. April 15 – Paid P4,500 for a tune-up of the service vehicle. 10. April 18- Paid for the dental supplies purchased on April 4 P 7,000. 11. April 22 Received a telephone bill for P 900, to be paid next month. 12. April 24 - Transferred P 13,000 to a personal checking account.
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