Analyza the following business transaction of Dr. Kho Clinic using the rules of debits and credits. State the account and the amount to be debited and credited.
Analyza the following business transaction of Dr. Kho Clinic using the rules of debits and credits. State the account and the amount to be debited and credited.
Sept 1 Dr. Kho invested P150,000 into the business.
2 Dr. Kho paid P8,500 to City Hall for a business permit.
3 Dr. Kho paid P10,500 for a one-year insurance.
4 Dr. Kho purchase clinic equipment P55,000 on account.
5 Dr. Kho acquire clinic supplies P78,000 paying one fourth in cash and the balance is on account.
6 Dr. Kho rendered profession service to a various patients worth P35,000 on account
7 Dr. Kho collected one half cash on the rendered service to a various patients dated September 6.
8 Dr. Kho paid the the electricity bill for the month, P1,500
9 Dr. Kho withdraw P5000 from the for personal use
10 Dr. Kho paid the salary of his assistant, P3000.
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