On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic. Transactions completed during the month are as follows: a. Albay deposited P200,000 in a bank account in the name of the business. b. Paid office rent for the month, P8,400. c. Bought supplies for cash, P7,750. d. Bought office equipment on account from Dagupan Equipment, P91,800. e. Bought a computer from Del Rosario Office Outfitters, P18,400, paying P6,000 in cash and the balance on account. f. Performed professional services for cash, P24,210. Paid accounts to Del Rosario Office Outfitters, P9,000. h. Received and paid the bill for utilities, P2,430. Paid salaries of the part-time assistants, P9,900. j. Performed professional services for cash, P25,150. k. Albay withdrew cash for personal use, P12,500. g. i. Required: Record the transactions for the month of June 2019 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Office Equipment; Accounts Payable; and Albay, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal.
On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic. Transactions completed during the month are as follows: a. Albay deposited P200,000 in a bank account in the name of the business. b. Paid office rent for the month, P8,400. c. Bought supplies for cash, P7,750. d. Bought office equipment on account from Dagupan Equipment, P91,800. e. Bought a computer from Del Rosario Office Outfitters, P18,400, paying P6,000 in cash and the balance on account. f. Performed professional services for cash, P24,210. Paid accounts to Del Rosario Office Outfitters, P9,000. h. Received and paid the bill for utilities, P2,430. Paid salaries of the part-time assistants, P9,900. j. Performed professional services for cash, P25,150. k. Albay withdrew cash for personal use, P12,500. g. i. Required: Record the transactions for the month of June 2019 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Office Equipment; Accounts Payable; and Albay, Capital. If the owner's equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal.
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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Question
Follow the instructions and do it nicely.
Transcribed Image Text:On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic.
Transactions completed during the month are as follows:
a. Albay deposited P200,000 in a bank account in the name of the business.
b. Paid office rent for the month, P8,400.
c. Bought supplies for cash, P7,750.
d. Bought office equipment on account from Dagupan Equipment, P91,800.
e. Bought a computer from Del Rosario Office Outfitters, P18,400, paying P6,000 in
cash and the balance on account.
Performed professional services for cash, P24,210.
g. Paid accounts to Del Rosario Office Outfitters, P9,000.
h. Received and paid the bill for utilities, P2,430.
Paid salaries of the part-time assistants, P9,900.
j. Performed professional services for cash, P25,150.
k. Albay withdrew cash for personal use, P12,500.
f.
i.
Required:
Record the transactions for the month of June 2019 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Office Equipment;
Accounts Payable; and Albay, Capital. If the owner's equity account is affected by a
transaction, identify it as revenue, expense, investment or withdrawal.
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