On March 1, 2021, Jashen Dela Rosa, M.D., established the JDR Sports Rehab Clinic. Transactions completed during the month of March are as follows: a. Dela Rosa deposited P250.000 in a bank account in the name of the business b. Paid rent for the month, P11,000. c. Bought supplies on account from Shaw Book Store, P11,700, d. Bought professional equipment on account from Rizal Machines, P58,000, e. Bought office equipment on account from Marikina Office Warehouse, P8,640. f. Performed professional services for cash, P48,200. g. Settled a portion of the accounts with Rizal Machines, P18,500. h. Received and paid the bill for utilities, P3,820. i. Paid salaries of assistants, P11,500. j. Rendered professional services on account, P38,000. k Dela Rosa withdrew cash for personal use, P16,000. I. Received payment for professional services on account for (j). Required: Journalize the transactions for the month of March 2021, JDR Sports Rehab Clinic. Apply the increases and decreases in the Accounting Equation, Assets = Liabilities + Owner's Equity into debits and credits that we have discussed. Use the following accounts: Cash; Accounts Receivable: Supplies; Office Equipment, Professional Equipment; Accounts Payable and JDR, Capital, Service Revenue, Dela Rosa Withdrawal, Utilities Expense, Salaries Expense and Rent Expense.
On March 1, 2021, Jashen Dela Rosa, M.D., established the JDR Sports Rehab Clinic. Transactions completed during the month of March are as follows: a. Dela Rosa deposited P250.000 in a bank account in the name of the business b. Paid rent for the month, P11,000. c. Bought supplies on account from Shaw Book Store, P11,700, d. Bought professional equipment on account from Rizal Machines, P58,000, e. Bought office equipment on account from Marikina Office Warehouse, P8,640. f. Performed professional services for cash, P48,200. g. Settled a portion of the accounts with Rizal Machines, P18,500. h. Received and paid the bill for utilities, P3,820. i. Paid salaries of assistants, P11,500. j. Rendered professional services on account, P38,000. k Dela Rosa withdrew cash for personal use, P16,000. I. Received payment for professional services on account for (j). Required: Journalize the transactions for the month of March 2021, JDR Sports Rehab Clinic. Apply the increases and decreases in the Accounting Equation, Assets = Liabilities + Owner's Equity into debits and credits that we have discussed. Use the following accounts: Cash; Accounts Receivable: Supplies; Office Equipment, Professional Equipment; Accounts Payable and JDR, Capital, Service Revenue, Dela Rosa Withdrawal, Utilities Expense, Salaries Expense and Rent Expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.
Transcribed Image Text:On March 1, 2021, Jashen Dela Rosa, M.D., established the JDR Sports Rehab Clinic.
Transactions completed during the month of March are as follows:
a. Dela Rosa deposited P250.000 in a bank account in the name of the
business
b. Paid rent for the month, P11,000.
c. Bought supplies on account from Shaw Book Store, P11,700,
d. Bought professional equipment on account from Rizal Machines, P58,000,
e. Bought office equipment on account from Marikina Office Warehouse,
P8,640.
f. Performed professional services for cash, P48,200.
g. Settled a portion of the accounts with Rizal Machines, P18,500.
h. Received and paid the bill for utilities, P3,820.
i. Paid salaries of assistants, P11,500.
j. Rendered professional services on account, P38,000.
k Dela Rosa withdrew cash for personal use, P16,000.
I. Received payment for professional services on account for (j).
Required:
Journalize the transactions for the month of March 2021, JDR Sports Rehab Clinic.
Apply the increases and decreases in the Accounting Equation, Assets = Liabilities +
Owner's Equity into debits and credits that we have discussed. Use the following
accounts: Cash; Accounts Receivable: Supplies; Office Equipment, Professional
Equipment; Accounts Payable and JDR, Capital, Service Revenue, Dela Rosa
Withdrawal, Utilities Expense, Salaries Expense and Rent Expense.
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