Dr. King decided to put up a medical clinic. Below are the transactions for the month of July. Required: 1. Journalize the transactions. 2. Prepare the T-accounts. 3. Prepare the trial balance. July 4 King invested cash of P1, 000, 000 July 5 Bought office equipment at P20, 000 paying 25% and the balance on account July 7 Withdrew cash P70, 000 for personal use July 15 Rendered medical treatment to Mr. Sy P40, 000 on account July 21 Paid secretaries' salaries for P6, 000 July 30 Bought supplies on account P2, 000

Dr. King decided to put up a medical clinic. Below are the transactions for the month of July. Required: 1. Journalize the transactions. 2. Prepare the T-accounts. 3. Prepare the trial balance. July 4 King invested cash of P1, 000, 000 July 5 Bought office equipment at P20, 000 paying 25% and the balance on account July 7 Withdrew cash P70, 000 for personal use July 15 Rendered medical treatment to Mr. Sy P40, 000 on account July 21 Paid secretaries' salaries for P6, 000 July 30 Bought supplies on account P2, 000

Name: APPLICATIONDr. King decided to put up a medical clinic. Below are the
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Description: APPLICATIONDr. King decided to put up a medical clinic. Below are thetransactions for the month of July.Required:1.Journalize the transactions.2.Prepare the T-accounts.Prepare the trial balance.July 4 King invested cash of P1, 000, 000July5 Bought o

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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APPLICATION
Dr. King decided to put up a medical clinic. Below are the
transactions for the month of July.
Required:
1.
Journalize the transactions.
2.
Prepare the T-accounts.
Prepare the trial balance.
July 4 King invested cash of P1, 000, 000
July
5 Bought office equipment at P20, 000 paying 25% and the balance on account
July
7 Withdrew cash P70, 000 for personal use
July 15 Rendered medical treatment to Mr. Sy P40, 000 on account
July 21 Paid secretaries' salaries for P6, 000
July 30 Bought supplies on account P2, 000

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