Chapter 5: Question 10 Page 116.Dr. Ignacio opened her Skin Care Clinic at Horizon Plaza with the transactions for the month of March. Dr. Ignacio made a cash investment P150,000 to open a clinic at Horizon Plaza.Purchased medical equipment from Riviera Medical Supplies for P90,000. Terms:cash, balance payable in two installments, with first installment due at the end of thePurchased supplies for P17,850 and paid cash.Bought office equipment from Delta Equipment P15,000 on credit.Professional Care Fees of P65,000 represented total fees earned. Only P50,000 werereceived in cash, the balance is due from Mr. Mateo P6,000 and Ms. Myrasol P9,000.Paid Delta Equipment one third of the outstanding account.1920Utility expenses paid, P18,500.2725 Payment of P25,000 were made for: rent, P15,000 and advertising, P10,000.Professional care fees earned and collected amounted to P45,000 including one thirdof Ms. Myrasol's account.The first installment on the medical equipment bought was paid in cash.Salaries of a nurse and medical intern were paid in cash, P36,000.Summary of collections in cash amounted to P30,000 including one half of Mr.Mateo's account.31 Supplies used, P13,500.151012293031.15Required:a) Prepare a Chart of Accounts: Current Assets start with 101, Plant and Equipment startwith 201, Current Liabilities start with 301, Owner's Equity start with 501, Revenues601 and Expenses start with 701.b) Journalize using a two column journal.c) Open the general ledger, make postings and extract the balances.d) Prepare a trial balance.50%month11. Using the journal entries prepared in no. 10, do the following:Open two customer's cards, make postings, and prepare a schedule of account 10. Dr. Ignacio opened her Skin Care Clinic at Horizon Plaza with the transactions for themonth of March.15101215192930Dr. Ignacio made a cash investment P150,000 to open a clinic at Horizon Plaza.Purchased medical equipment from Riviera Medical Supplies for P90,000. Terms: 50%cash, balance payable in two installments, with first installment due at the end of the month.Purchased supplies for P17,850 and paid cash.Bought office equipment from Delta Equipment P15,000 on credit.Professional Care Fees of P65,000 represented total fees earned. Only P50,000 werereceived in cash, the balance is due from Mr. Mateo P6,000 and Ms. Myrasol P9,000.Paid Delta Equipment one third of the outstanding account.20Utility expenses paid, P18,500.25 Payment of P25,000 were made for: rent, P15,000 and advertising, P10,000.27Professional care fees earned and collected amounted to P45,000 including one thirdof Ms. Myrasol's account.The first installment on the medical equipment bought was paid in cash.Salaries of a nurse and medical intern were paid in cash, P36,000.31. Summary of collections in cash amounted to P30,000 including one half of Mr.Mateo's account.31 Supplies used, P13,500.Required:a) Prepare a Chart of Accounts: Current Assets start with 101, Plant and Equipment startwith 201, Current Liabilities start with 301, Owner's Equity start with 501, Revenues601 and Expenses start with 701.b) Journalize using a two column journal.c) Open the general ledger, make postings and extract the balances.d) Prepare a trial balon

Journal entry: It is the first step of recording transactions of a company. Before this, no other…

Dr. Ignacio made a cash investment P150,000 to open 50% Purchased medical equipment from Riviera Medical Supplies for P90,000. Terms: cash, balance payable in two installments, with first installment due at the end of the month Purchased supplies for P17,850 and paid cash. Bought office equipment from Delta Equipment P15,000 on credit. Professional Care Fees of P65,000 represented total fees earned. Only P50,000 were received in cash, the balance is due from Mr. Mateo P6,000 and Ms. Myrasol P9,000. Paid Delta Equipment one third of the outstanding account. Utility expenses paid, P18,500. Payment of P25,000 were made for: rent, P15,000 and advertising, P10,000. Professional care fees earned and collected amounted to P45,000 including one third of Ms. Myrasol's account. 29 The first installment on the medical equipment bought was paid in cash. 30 Salaries of a nurse and medical intern were paid in cash, P36,000. 31. Summary of collections in cash amounted to P30,000 including one half of Mr. Mateo's account. 31 Supplies used, P13,500. 10 12 1 5 15 19 20 25 27 Required: a) Prepare a Chart of Accounts: Current Assets start with 101, Plant and Equipment start with 201, Current Liabilities start with 301, Owner's Equity start with 501, Revenues 601 and Expenses start with 701. b) Journalize using a two column journal. c) Open the general ledger, make postings and extract the balances. d) Prepare a trial balance.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q