Answered: transactions into ledger.

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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Post these transactions into ledger.

Transcribed Image Text:Selected Transections: On Nov. 1. Dr. Maryam (sole owner) invested cash amounting to $2,000,000 and a clinic furniture worth $1,200,000. 2. Bought medical equipment on account from M.R Medical Equipment Supply Company amounting to $750,000 paying $200,000 and issued a note for the balance. 3. Bought medical supplies for cash, $ 100,000. 4. The doctor withdrew for his personal use, $ 15,000. 5. Paid rent expense $15,000. 6. Medical fees income earned for the week (Cash $50,000 and on Account $60,000). 7. Dr. Maryam. Made an additional cash investment of $350,000. 8. Full payment of the note issued to M.R Medical Equipment Supply Company, $550,000. 9. Bought a brand new vehicle to be used as ambulance car $2,000,000. 10. Paid advertisement expenses in cash $20,000. 11. Medical fees earned for the week (Cash, $30,000, on Account $ 10,000) 12. Collected in full the patient's accounts of Nov. 6, $60,000. 13. medical suppli on account from Amesco, $30,000 14. Travelled to Davao City to attend conference at Davao Medical School Foundation, Inc. $3,500. 15. Medical Fees income for two weeks: (Cash $40,000 On Account $ 70,000) 16. Brought a patient to Southern Philippines Medical Center and incurred expenses of $4,300. 17. Pick up a patient in Asuncion, Davao del Norte for confinement at the clinic, $900. 18. Bought medical equipment on account from M.R Medical Equipment Supply Company amounting to $50,000 paying $20,000 and issued a note for the balance. 19. Dr. Maryam paid cash for insurance $ 40,000. 20. Goods worth $1000 given as charity.

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