Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 c. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 g. Received cash from patients for amounts owing, P 13,000 h. Paid the following: Salaries expense P 850, Repair Service Expense, P 250, Utilities Expense P 400 Cost of medical supplies used was P 3,980 Dr. Galing withdrew P 10,000 in cash from the clinic for personal use i. j. Required: a. Determine the amount of owner's equity (capital) as of July 1 of uhe current year. b. Using the Happy Tour format, copy the starting balances, analyze the above transactions and determine the balances. Prove total amounts using the accounting equation
Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 c. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 g. Received cash from patients for amounts owing, P 13,000 h. Paid the following: Salaries expense P 850, Repair Service Expense, P 250, Utilities Expense P 400 Cost of medical supplies used was P 3,980 Dr. Galing withdrew P 10,000 in cash from the clinic for personal use i. j. Required: a. Determine the amount of owner's equity (capital) as of July 1 of uhe current year. b. Using the Happy Tour format, copy the starting balances, analyze the above transactions and determine the balances. Prove total amounts using the accounting equation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:above transactions and determine the balances. Prove total amounts
c. Prepare a statement of Income for July and a statement of financial
48
MGMT 101a: Principles of Accounting I
Learning Tasks/Activities
Direction: Analyze and answer the following problems provided below.
Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing
has the following assets and liabilities when he started the clinic on July 1:
Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000,
Accounts Payable on Medical Equipment P 25,000. His business transactions
during July are the following
a. Received cash from patient for services performed, P 40,000
b. Paid amounts owed for medical equipment, P 15,000
C. Paid Office Rent for the month, P 15,000
d. Charged patients for services performed, P 8,025
e. Received cash from account patients P 10,000 for Medical Services of
P 20,000
f. Purchased medical supplies on account, P 12,450
a. Received cash from patients for amounts owing, P 13,000
h. Paid the following: Salaries expense P 850, Repair Service Expense, P
250, Utilities Expense P 400
Cost of medical supplies used was P 3,980
Dr. Galing withdrew P 10,000 in cash from the clinic for personal use
i.
j.
Required:
a. Determine the amount of owner's equity (capital) as of July 1 of the
current year.
b. Using the Happy Tour format, copy the starting balances, analyze e
using the accounting equation.
position as of July 31
d. Get the totals and prove the accounting equation.
e. How much is the cash?
2020.11.20 01:37
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