On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July follow: a. Manalo deposited P150,000 in a bank account in the name of the business. b. Paid office rent for the month P11,000. c. Bought supplies for cash , P2,750. d. Bought professional equipment on account from J. Perez Equipment, P142,000. e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the remaining balance on account. f. Performed professional services for cash, P32,800. g. Paid accounts to S. Lacorte Computers, P5,000 h. Received and paid the bill for the utilities, P2,830 i. Paid salaries of the part-time assistants, P10,000 j. Performed professional services for cash, P37,250 k. Manalo withdrew cash for personal use, P16,000 Record the transactions for the month of July 2018 using a financial transaction worksheet. Use the following accounts: cash, account receivable, professional equipment, office equipment, account payable, and manalo, capital. If the owners equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal.
On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July follow:
a. Manalo deposited P150,000 in a bank account in the name of the business.
b. Paid office rent for the month P11,000.
c. Bought supplies for cash , P2,750.
d. Bought professional equipment on account from J. Perez Equipment, P142,000.
e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the remaining balance on account.
f. Performed professional services for cash, P32,800.
g. Paid accounts to S. Lacorte Computers, P5,000
h. Received and paid the bill for the utilities, P2,830
i. Paid salaries of the part-time assistants, P10,000
j. Performed professional services for cash, P37,250
k. Manalo withdrew cash for personal use, P16,000
Record the transactions for the month of July 2018 using a financial transaction worksheet. Use the following accounts: cash, account receivable, professional equipment, office equipment, account payable, and manalo, capital. If the owners equity account is affected by a transaction, identify it as revenue, expense, investment or withdrawal.
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