during June of this year: Recording Transactions in T-Accounts and Preparing a Trial Balance | Problem #9 Clyde Gamolo opened Cagayan Chiropractic Clinic. The following transactions occurred Gamolo invested P180,000 cash in the professional practice. a. b. Gamolo invested in the firm professional equipment with a fair market value of P72,000. Bought a filing cabinet on account from Andrews Office Essentials, P3,260. С. Paid cash for chairs for the waiting room, P4,620. d. Bought a multi-function printer for P15,400 from Main Office Machines, е. paying P7,400 down; the balance is due in thirty days. Received and paid telephone bill, P990. f. g. Billed patients for professional services performed, P16,120. h. Paid P1,800 as membership dues to the national chiropractic association. Received and paid electric bill, P910. Received P6,900 from patients previously billed in transaction (g). i. j. k. Paid in full accounts related to purchase of a filing cabinet. Paid office rent for the month, P5,000. Received P2,420 cash from walk-in patients. Paid salaries of nurse assistant, P8,250. Gamolo withdrew cash for personal use, P11,500. m. n. 0. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment; Medical Equipment; Accounts Payable; Gamolo, Capital; Gamolo, Withdrawals; Service Revenues; Salaries Expense; Rent Expense; Utilities Expense and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts using the alphabets to identify each transaction. 3. Prepare a trial balance.
during June of this year: Recording Transactions in T-Accounts and Preparing a Trial Balance | Problem #9 Clyde Gamolo opened Cagayan Chiropractic Clinic. The following transactions occurred Gamolo invested P180,000 cash in the professional practice. a. b. Gamolo invested in the firm professional equipment with a fair market value of P72,000. Bought a filing cabinet on account from Andrews Office Essentials, P3,260. С. Paid cash for chairs for the waiting room, P4,620. d. Bought a multi-function printer for P15,400 from Main Office Machines, е. paying P7,400 down; the balance is due in thirty days. Received and paid telephone bill, P990. f. g. Billed patients for professional services performed, P16,120. h. Paid P1,800 as membership dues to the national chiropractic association. Received and paid electric bill, P910. Received P6,900 from patients previously billed in transaction (g). i. j. k. Paid in full accounts related to purchase of a filing cabinet. Paid office rent for the month, P5,000. Received P2,420 cash from walk-in patients. Paid salaries of nurse assistant, P8,250. Gamolo withdrew cash for personal use, P11,500. m. n. 0. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment; Medical Equipment; Accounts Payable; Gamolo, Capital; Gamolo, Withdrawals; Service Revenues; Salaries Expense; Rent Expense; Utilities Expense and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts using the alphabets to identify each transaction. 3. Prepare a trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Problem #9
pecording Transactions in T-Accounts and Preparing a Trial Balance
Clyde Gamolo opened Cagayan Chiropractic Clinic. The following transactions occurred
during June of this year:
Gamolo invested P180,000 cash in the professional practice.
а.
b.
Gamolo invested in the firm professional equipment with a fair market
value of P72,000.
Bought a filing cabinet on account from Andrews Office Essentials, P3,260.
C.
Paid cash for chairs for the waiting room, P4,620.
d.
Bought a multi-function printer for P15,400 from Main Office Machines,
e.
paying P7,400 down; the balance is due in thirty days.
Received and paid telephone bill, P990.
f.
g.
h.
Received and paid electric bill, P910.
Billed patients for professional services performed, P16,120.
Paid P1,800 as membership dues to the national chiropractic association.
i.
Received P6,900 from patients previously billed in transaction (g).
j.
Paid in full accounts related to purchase of a filing cabinet.
Paid office rent for the month, P5,000.
Received P2,420 cash from walk-in patients.
Paid salaries of nurse assistant, P8,250.
Gamolo withdrew cash for personal use, P11,500.
k.
m.
n.
0.
Required:
1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment;
Medical Equipment; Accounts Payable; Gamolo, Capital; Gamolo, Withdrawals;
Service Revenues; Salaries Expense; Rent Expense; Utilities Expense and
Miscellaneous Expense.
2. Record the transactions directly into the T-accounts using the alphabets to identify
each transaction.
3. Prepare a trial balance.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education