5. The following transactions were entered into by Dr. Jo Valdez for June:04Jo Valdez opened "Jo's Health Spa" by investing P 1,500,000 cash andhalf of a lot inherited by Jo and her sister Ann worth P 500,000.Interviewed a nurse and a business graduate to work for her for a salaryof P 15,00007Valdez bought for cash P 900,000 worth of equipment and P 15,000worth of suppliesBought furniture and fixtures from a friend at a cost of P 150,000,promising to pay after 7 days. Only P 80,000 of this was placed in theclinic. The remaining P 70,000 furniture & fixtures were placed in hercondominium unit0810Applied for a P 2,500,000 business loan from a bank by mortgaging herinherited lot. The money will be used to construct the clinic.Withdrew supplies worth P 2,000 for personal useThe loan was approved, and the money deposited for the account of thehealth spaPaid one half of the amount due on the furniture and fixtures.A two-story clinic was constructed on the inherited lot. The constructioncost amounted to P 2,400.000. Term: down payment P 500,000 and anote for the balance.1214151730(a) Analyze the transactions in an accounting equation similar to the Clearcopydemonstration format. Include money columns for Cash, Supplies, Land,Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable,Valdez, Capital(b) Prepare Statement of Financial Position2020.11.20 00:18

I have passed the journal entries in the next sheet.

(a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital (b) Prepare Statement of Financial Position 2020.11.20 C

(a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital (b) Prepare Statement of Financial Position 2020.11.20 C

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 71IIP

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