Preparation of Joumal Entries Required: Joumalize the below transactions using the following accounts: Cash Accounts Receivable,...

 

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Preparation of Joumal Entries Required: Joumalize the below transactions using the following accounts: Cash Accounts Receivable, Notes Receivable, Furniture and Fixtures, Medical Supplies, Medical Equipment, Accounts Payable, Notes Payable, Biola, Capital, Biola, Drawing, Treatment Fees Revenue, Medical Supplies Expense, Rent Expense, Salaries Expense, and Utilities Expense Dr. Vicky Biola, a cosmetic surgeon, signed a contract of lease and opened Forever Young Clinic specializing in slimming, facial and skin treatments in Robinson's Place. The following are the selected transactions for March: 1 2 5 7 10 15 17 20 21 24 27 28 29 30 Vicky invested P150,000 cash and P1,500,000 Medical Equipment in the clinic. Bought furniture and fixtures on account, costing P100,000 from Furniture World. Bought for cash, medical supplies worth P125,000. A summary of botox treaments rendered showed: cash patients, P215,000; on account customers P95,000. Vicky invested additional cash of P175,000 and bought additional medical equipment with it. Paid for the salaries of the assistant doctor, nurse and secretary, P20,000. Collected 50% from the accounts patients. A summary of facial treatments rendered showed: cash customers, P80,000; on account customers, P45,000 of which P15,000 were collected. Paid Furniture World P50,000. Collected balance owed by the botox- treated customers. Vicky made a cash withdrawal for personal use, P50,000. Rendered liposuction to a patient who gave a 30-day note for P50,000 and paid the balance in cash P100,000 Paid for rent P20,000 which included the use of power and water, P5,000. Medical supplies used up, P75,000. Paid PLDT P3,000. Paid salaries and wages. Preparation of Joumal Entries Required: Joumalize the below transactions using the following accounts: Cash Accounts Receivable, Notes Receivable, Furniture and Fixtures, Medical Supplies, Medical Equipment, Accounts Payable, Notes Payable, Biola, Capital, Biola, Drawing, Treatment Fees Revenue, Medical Supplies Expense, Rent Expense, Salaries Expense, and Utilities Expense Dr. Vicky Biola, a cosmetic surgeon, signed a contract of lease and opened Forever Young Clinic specializing in slimming, facial and skin treatments in Robinson's Place. The following are the selected transactions for March: 1 2 5 7 10 15 17 20 21 24 27 28 29 30 Vicky invested P150,000 cash and P1,500,000 Medical Equipment in the clinic. Bought furniture and fixtures on account, costing P100,000 from Furniture World. Bought for cash, medical supplies worth P125,000. A summary of botox treaments rendered showed: cash patients, P215,000; on account customers P95,000. Vicky invested additional cash of P175,000 and bought additional medical equipment with it. Paid for the salaries of the assistant doctor, nurse and secretary, P20,000. Collected 50% from the accounts patients. A summary of facial treatments rendered showed: cash customers, P80,000; on account customers, P45,000 of which P15,000 were collected. Paid Furniture World P50,000. Collected balance owed by the botox- treated customers. Vicky made a cash withdrawal for personal use, P50,000. Rendered liposuction to a patient who gave a 30-day note for P50,000 and paid the balance in cash P100,000 Paid for rent P20,000 which included the use of power and water, P5,000. Medical supplies used up, P75,000. Paid PLDT P3,000. Paid salaries and wages.

Answer rating: 100% (QA)

Q1 Journal Entry Debit Credit Cash 150000 Medical Equipment 1500000 Capital 1650000 Explanation Dr Vicky Biola invested P150000 cash and P1500000 Medical Equipment in the clinic The total investment o... View the full answer