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  • Accounting Assignment 3

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    aira mikaela ruazol
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    Mr. Velo started a new medical clinic and the following financial transactions occurred in the first month: 1) Mr. Velo transferred $200,000 cash into the business bank account. 2) Rent of $20,000 and salaries of $16,000 were paid in cash. 3) Medical supplies of $4,000 were purchased for cash. 4) Furniture and equipment costing $40,000 were bought on account. 5) Services generated $100,000 in cash receipts and $5,000 in accounts receivable. 6) Creditors were paid $15,000 and Mr. Velo withdrew $30,000 for personal use.

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    Mr. Velo started a new medical clinic and the following financial transactions occurred in the first month: 1) Mr. Velo transferred $200,000 cash into the business bank account. 2) Rent of $20,000 and salaries of $16,000 were paid in cash. 3) Medical supplies of $4,000 were purchased for cash. 4) Furniture and equipment costing $40,000 were bought on account. 5) Services generated $100,000 in cash receipts and $5,000 in accounts receivable. 6) Creditors were paid $15,000 and Mr. Velo withdrew $30,000 for personal use.

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    101 views2 pages

    Accounting Assignment 3

    Uploaded by

    aira mikaela ruazol
    Mr. Velo started a new medical clinic and the following financial transactions occurred in the first month: 1) Mr. Velo transferred $200,000 cash into the business bank account. 2) Rent of $20,000 and salaries of $16,000 were paid in cash. 3) Medical supplies of $4,000 were purchased for cash. 4) Furniture and equipment costing $40,000 were bought on account. 5) Services generated $100,000 in cash receipts and $5,000 in accounts receivable. 6) Creditors were paid $15,000 and Mr. Velo withdrew $30,000 for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    Aira Mikaela E.

    Ruazol
    BSHM 201H

    Problem:

    Mr Velo, a doctor medicine, has decided to form his own medical clinic. The following are the transactions for the first
    month:

    A.  Mr Velo transferred cash to the business official bank account, P200,000.

    B.  Rent for the month was paid for P20,000.

    C.  Medical supplies were purchased for cash, P4,000.

    D. The company bought furniture and equipment on account, P40,000

    E.  Rendered services for cash, P100,000

    F.  Performed services to a patient on account, P5,000.

    G.  Salary of the reception was paid for P16,000.

    H. Paid creditors amounting to P15,000.

    I.  Mr Velo withdrew cash amounting to P30,000 for personal use.

    ASSETS
    Cash Accounts Medical Furniture Accounts Velo,
    Receivable Supplies and Payable Capital
    Equipment
    A. 200,000 200,000 Transferred
    Bank
    Account
    B. (20,000 (20,000) Rent Exp.
    )
    C. (4,000) 4,000
    D. 40,000 40,000
    E. 100,000 100,000 Service
    REvenue
    F. 5,000 5,000 Service
    Revenue
    G. (16,000 (16,000) Salary Exp.
    )
    H. (15,000 (15,000)
    )
    I. (30,000 (30,000) Withdrawal)
    )
    120,000 100,000 4,000 40,000 25,000 239,000

    LIABILITIES & EQUITY


    264,000 264,000

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