You placed P350,000 as initial capital Paid P5,350 for business permit to Candy crush City Hall. Purchased medical equipment on account from Para Med Enterprise of Candy Crush City for P155,000. Purchased medical supplies from Pharmacia Estrella of Candy Crush City P20,000 paying cash P12,500. Received P5,200 from CCC for medical services and billed a customer, Mr. Melenio Mabuhay of Candy Crush City P13,545 for laboratory services. Paid transportation expense P540 to an employ, Miss Maria Mapalad. Purchased Laboratory Equipment on account from Del Pharma Supplies of Candy Crush City for P110,000. Paid payroll P10,000. Received from CBA Students, Candy Crush City P25,600 for laboratory services. Paid Para Med Enterprise P 50,000. Received P6,000 from Mr. Melenio as payment of account. Received P3,600 from Mr. Jose Velarde of Candy Crush City for laboratory service. Received P8,500 from various patients and billed Mrs. Sara Tan P10,000 for medical services Paid Del Pharma Supplies P25,000. Purchased medical supplies from Botica Milagros of Candy Crush City for cash P 50,000. At the end of the period, medical supplies on hand is valued at P 35,000. Medical and Laboratory Equipments have useful life of 10 years, hence depreciation for the month must be recognized using straightline method. Required: The company requires revenue from medical and laboratory services to be recorded separately. Journal entry, Profit & Loss and Balance Sheet

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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You placed P350,000 as initial capital
Paid P5,350 for business permit to Candy crush City Hall.
Purchased medical equipment on account from Para Med Enterprise of Candy Crush City for P155,000.
Purchased medical supplies from Pharmacia Estrella of Candy Crush City P20,000 paying cash P12,500.
Received P5,200 from CCC for medical services and billed a customer, Mr. Melenio Mabuhay of Candy Crush City P13,545 for laboratory services.
Paid transportation expense P540 to an employ, Miss Maria Mapalad.
Purchased Laboratory Equipment on account from Del Pharma Supplies of Candy Crush City for P110,000.
Paid payroll P10,000.
Received from CBA Students, Candy Crush City P25,600 for laboratory services.
Paid Para Med Enterprise P 50,000.
Received P6,000 from Mr. Melenio as payment of account.
Received P3,600 from Mr. Jose Velarde of Candy Crush City for laboratory service.
Received P8,500 from various patients and billed Mrs. Sara Tan P10,000 for medical services
Paid Del Pharma Supplies P25,000.
Purchased medical supplies from Botica Milagros of Candy Crush City for cash P 50,000.
At the end of the period, medical supplies on hand is valued at P 35,000.
Medical and Laboratory Equipments have useful life of 10 years, hence depreciation for the month must be recognized using straightline method.

Required:

The company requires revenue from medical and laboratory services to be recorded separately.

Journal entry, Profit & Loss and Balance Sheet

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