Hanna Estrella began the practice of medicine on May 1, 2020. During May she completed the following transactions: May 02 Invested P230,000 cash. 03 Bought Equipment for P140,000 cash. 10 Purchased medical supplies for cash, P4,800. 14 Completed physical examination for 2 patients and collected P1,500 cash. 18 Completed surgical work for P55,000 on account. 20 Purchased Equipment on account, P65,000. 25 Collected P15,000 of the amount owed by the patient on the 18". 28 Paid rent, P18,000. 29 Paid light and water, P3,000 cash. 31 Paid salaries of nurse and secretary, P20,000. PREPARE INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION FOR MAY 2021.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Hanna Estrella began the practice of medicine on May 1, 2020.
During May she completed the following transactions:
Мay
02 Invested P230,000 cash.
03 Bought Equipment for P140,000 cash.
10 Purchased medical supplies for cash, P4,800.
14 Completed physical examination for 2 patients and collected
P1,500 cash.
18 Completed surgical work for P55,000 on account.
20 Purchased Equipment on account, P65,000.
25 Collected P15,000 of the amount owed by the patient on the
18".
28 Paid rent, P18,000.
29 Paid light and water, P3,000 cash.
31 Paid salaries of nurse and secretary, P20,000.
PREPARE INCOME STATEMENT AND STATEMENT OF
FINANCIAL POSITION FOR MAY 2021.
Transcribed Image Text:Hanna Estrella began the practice of medicine on May 1, 2020. During May she completed the following transactions: Мay 02 Invested P230,000 cash. 03 Bought Equipment for P140,000 cash. 10 Purchased medical supplies for cash, P4,800. 14 Completed physical examination for 2 patients and collected P1,500 cash. 18 Completed surgical work for P55,000 on account. 20 Purchased Equipment on account, P65,000. 25 Collected P15,000 of the amount owed by the patient on the 18". 28 Paid rent, P18,000. 29 Paid light and water, P3,000 cash. 31 Paid salaries of nurse and secretary, P20,000. PREPARE INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION FOR MAY 2021.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Computation of Taxable Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education