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Mr Velo, a doctor medicine, has decided to form his own medical clinic. The following are the transactions for the first month: A. Mr Velo transferred cash to the business official bank account, P200,000.

Mr Velo, a doctor medicine, has decided to form his own medical clinic. The following are the transactions for the first month: A. Mr Velo transferred cash to the business official bank account, P200,000.

FINANCIAL ACCOUNTING
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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Mr Velo, a doctor medicine, has decided to form his own medical clinic. The following are the transactions for the first month: A. Mr Velo transferred cash to the business official bank account, P200,000. B. Rent for the month was paid for P20,000. C. Medical supplies were purchased for cash, P4,000. D. The company bought furniture and equipment on account, P40,000 E. Rendered services for cash, P100,000 F. Performed services to a patient on account, P5,000. G. Salary of the reception was paid for P16,000. H. Paid creditors amounting to P15,000. I. Mr Velo withdrew cash amounting to P30,000 for personal use.
Transcribed Image Text:Mr Velo, a doctor medicine, has decided to form his own medical clinic. The following are the transactions for the first month: A. Mr Velo transferred cash to the business official bank account, P200,000. B. Rent for the month was paid for P20,000. C. Medical supplies were purchased for cash, P4,000. D. The company bought furniture and equipment on account, P40,000 E. Rendered services for cash, P100,000 F. Performed services to a patient on account, P5,000. G. Salary of the reception was paid for P16,000. H. Paid creditors amounting to P15,000. I. Mr Velo withdrew cash amounting to P30,000 for personal use.
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