Straight Problem Directions: Prepare the journal entries, ledger/t-accounts and trial balance for the transactions below. The Chart of Accounts of Albularyo Clinic is as follows: Cash Medical Equipment Notes Payable Clinic Supplies Albularyo, Capital Utility Expense Furnitures and Fixtures Albularyo, Drawing Professional Fees Rent Expense Salary Expense Aug 1 - Juan Albularyo. M.D. invested P150,000 cash in his business. Aug 2- He paid clinic space rent for the month amounting to 12,000. Aug 5- He bought clinic supplies like thermometer, subscription pad, tongue depressor and others for P16,500. Aug 7 He bought medical equipment from Sta. Cruz Medical Supplies, P150,000, paying P50,000 cash and issued promissory note for the balance. Aug 7- He bought tables, chairs and other furnitures for his clinic for cash. P55,700. Aug 15- Paid Sta. Cruz Medical Supplies P40,000 as part payment on amount owed on medical equipment previously bought. Aug 15 - Recorded professional fees for cash amounting to P45,800. Aug 26-Albularyo withdrew cash for personal use, 10,000. Aug 28-Received and paid hill for electricity and water-P5.920. Aug 30-Paid salary of his secretary, 12,000. Aug 31 - Recorded professional fees for cash amounting to P57,000.
Straight Problem Directions: Prepare the journal entries, ledger/t-accounts and trial balance for the transactions below. The Chart of Accounts of Albularyo Clinic is as follows: Cash Medical Equipment Notes Payable Clinic Supplies Albularyo, Capital Utility Expense Furnitures and Fixtures Albularyo, Drawing Professional Fees Rent Expense Salary Expense Aug 1 - Juan Albularyo. M.D. invested P150,000 cash in his business. Aug 2- He paid clinic space rent for the month amounting to 12,000. Aug 5- He bought clinic supplies like thermometer, subscription pad, tongue depressor and others for P16,500. Aug 7 He bought medical equipment from Sta. Cruz Medical Supplies, P150,000, paying P50,000 cash and issued promissory note for the balance. Aug 7- He bought tables, chairs and other furnitures for his clinic for cash. P55,700. Aug 15- Paid Sta. Cruz Medical Supplies P40,000 as part payment on amount owed on medical equipment previously bought. Aug 15 - Recorded professional fees for cash amounting to P45,800. Aug 26-Albularyo withdrew cash for personal use, 10,000. Aug 28-Received and paid hill for electricity and water-P5.920. Aug 30-Paid salary of his secretary, 12,000. Aug 31 - Recorded professional fees for cash amounting to P57,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Straight Problem
Directions: Prepare the journal entries, ledger/t-accounts and trial balance for the transactions below. The Chart of Accounts of
Albularyo Clinic is as follows:
Cash
Medical Equipment
Notes Payable
Clinic Supplies
Albularyo, Capital
Utility Expense
Furnitures and Fixtures.
Albularyo, Drawing
Professional Fees:
Rent Expense
Salary Expense
Aug 1 - Juun Albularyo. M.D. invested P150,000 cash in his business.
Aug 2 - He paid elinic space rent for the month amounting to 12,000.
Aug 5- He bought clinic supplies like thermometer, subscription pad, tongue depressor and others for P16,500.
Aug 7 He bought medical equipment from Sta. Cruz Medical Supplies, P150,000, paying P50,000 cash and issued promissory note
for the balance.
Aug 7- He bought tables, chairs and other furnitures for his clinic for cash, P55,700,
Aug 15 - Paid Sta. Cruz Medical Supplies P40,000 as part payment on amount owed on medical equipment previously bought.
Aug 15 - Recorded professional fees for cash amounting to P45,800.
Aug 26-Albularyo withdrew cash for personal use, 10,000.
Aug 28-Received and paid hill for electricity and water-P5.920.
Aug 30- Paid salary of his secretary, 12,000.
Aug 31 - Recorded professional fees for cash amounting to P57,000,
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