Question: Assignment 1: Transaction Analysis & Journalization Dr. Barbi Baldoza, a cosmetic surgeon, opened Batang Bata Clinic specializing in slimming, facial and skin treatment in Recto

 Assignment 1: Transaction Analysis & Journalization Dr. Barbi Baldoza, a cosmetic

Assignment 1: Transaction Analysis & Journalization Dr. Barbi Baldoza, a cosmetic surgeon, opened Batang Bata Clinic specializing in slimming, facial and skin treatment in Recto Manila. The following are the transactions for 2018 the first year of operation: January 1 Barbi invested P250,000 cash, P500,000 medical equipment February 28 Bought furniture on account, costing P150,000 from Furniture World. March 5 Bought for cash, medical supplies worth P125,000 April 7 A summary of botox treatments rendered showed: cash patients, P215,000; on account customers, P395,000. May 31 Received P180,000 proceeds from a bank loan payable on January 31, 2019 and paid with it a two-year insurance starting 2019 for the clinic. June 30 Paid salaries of nurse and secretary, P120,000 July 17 A summary of liposuction treatments rendered showed: cash customers, P280.000; on account customers, P245,000 of which P15,000 were collected. August 31 Received P100,000 advance payment from a patient facial treatment. September 20 Barbi took P15,000 worth of medical supplies for personal use. October 5 Collected 10% of balance owed by the botox-treated customers. December 29 Paid for rent P110,000 which included the use of power and water amounting to P 50,000 REQUIRED: Prepare TRANSACTION ANALYSIS TABLE and JOURNAL ENTRIES for the above transactions

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!