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.
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.
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 22P
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e20b63f-2868-429b-96e2-f7d785b2218e%2F64534ef4-066e-4299-922b-a954b1e72489%2Fufinpgg_processed.jpeg&w=3840&q=75)
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.
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