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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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Problem 6 Gobyerno practices medicine under the business title Gobyerno, M. D. During May her medical practice engaged in the following transactions: May 1 Gobyerno deposited P500,000 cash in the business bank account. 5 Paid monthly rent on medical equipment, P7,000. 9 Paid P420,000 cash to purchase land for an office site. 10 Purchased supplies on account, P12,000. 19 Paid P10,000 on account. 22 Borrowed P200,000 from the bank for business use. Gobyerno signed a note payable to the bank in the name of the business. 30 Revenues earned during the month included P60,000 cash and P50,000 on account. 30 Paid employee salaries (P24,000), office rent (P15,000), and utilities (P4,000). 30 Withdrew P40,000 from the business for personal use. Gobyerno's business uses the following accounts: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Notes Payable; Gobyerno, Capital; Gobyerno, Withdrawals; Service Revenue; Salary Expense; Rent Expense; Utilities Expense. Required: Journalize each transaction.
Transcribed Image Text:Problem 6 Gobyerno practices medicine under the business title Gobyerno, M. D. During May her medical practice engaged in the following transactions: May 1 Gobyerno deposited P500,000 cash in the business bank account. 5 Paid monthly rent on medical equipment, P7,000. 9 Paid P420,000 cash to purchase land for an office site. 10 Purchased supplies on account, P12,000. 19 Paid P10,000 on account. 22 Borrowed P200,000 from the bank for business use. Gobyerno signed a note payable to the bank in the name of the business. 30 Revenues earned during the month included P60,000 cash and P50,000 on account. 30 Paid employee salaries (P24,000), office rent (P15,000), and utilities (P4,000). 30 Withdrew P40,000 from the business for personal use. Gobyerno's business uses the following accounts: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Notes Payable; Gobyerno, Capital; Gobyerno, Withdrawals; Service Revenue; Salary Expense; Rent Expense; Utilities Expense. Required: Journalize each transaction.
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