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Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 c. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 g. Received cash from patients for amounts owing, P 13,000 h. Paid the following: Salaries expense P 850, Repair Service Expense, P 250, Utilities Expense P 400 Cost of medical supplies used was P 3,980 Dr. Galing withdrew P 10,000 in cash from the clinic for personal use i. j. Required: a. Determine the amount of owner's equity (capital) as of July 1 of uhe current year. b. Using the Happy Tour format, copy the starting balances, analyze the above transactions and determine the balances. Prove total amounts using the accounting equation

Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 c. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 g. Received cash from patients for amounts owing, P 13,000 h. Paid the following: Salaries expense P 850, Repair Service Expense, P 250, Utilities Expense P 400 Cost of medical supplies used was P 3,980 Dr. Galing withdrew P 10,000 in cash from the clinic for personal use i. j. Required: a. Determine the amount of owner's equity (capital) as of July 1 of uhe current year. b. Using the Happy Tour format, copy the starting balances, analyze the above transactions and determine the balances. Prove total amounts using the accounting equation

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...
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above transactions and determine the balances. Prove total amounts c. Prepare a statement of Income for July and a statement of financial 48 MGMT 101a: Principles of Accounting I Learning Tasks/Activities Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 C. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 a. Received cash from patients for amounts owing, P 13,000 h. Paid the following: Salaries expense P 850, Repair Service Expense, P 250, Utilities Expense P 400 Cost of medical supplies used was P 3,980 Dr. Galing withdrew P 10,000 in cash from the clinic for personal use i. j. Required: a. Determine the amount of owner's equity (capital) as of July 1 of the current year. b. Using the Happy Tour format, copy the starting balances, analyze e using the accounting equation. position as of July 31 d. Get the totals and prove the accounting equation. e. How much is the cash? 2020.11.20 01:37
Transcribed Image Text:above transactions and determine the balances. Prove total amounts c. Prepare a statement of Income for July and a statement of financial 48 MGMT 101a: Principles of Accounting I Learning Tasks/Activities Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 C. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 a. Received cash from patients for amounts owing, P 13,000 h. Paid the following: Salaries expense P 850, Repair Service Expense, P 250, Utilities Expense P 400 Cost of medical supplies used was P 3,980 Dr. Galing withdrew P 10,000 in cash from the clinic for personal use i. j. Required: a. Determine the amount of owner's equity (capital) as of July 1 of the current year. b. Using the Happy Tour format, copy the starting balances, analyze e using the accounting equation. position as of July 31 d. Get the totals and prove the accounting equation. e. How much is the cash? 2020.11.20 01:37
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