Activity 4
Name:
Course & Section:
Assets
Accounts
Transaction Cash Receivable Supplies Equipment
Dr. Ignacio made a cash
investment of P500,000 to open 500,000
a clinic at Horizon Plaza.
Purchased medical equipment
from Riviera Medical Supplies
for P90,000. Terms: 50% cash,
balance payable in two (45,000) 90,000
installments, the first
installment due at the end of
the month.
Purchased supplies for P17,850
and paid cash. (17,850) 17,850
Bought office equipment from
Delta Equipment for P15,000 on 15,000
credit.
Professional Care Fees of
P65,000 represented total fees
earned. P15,000 of this are
50,000 15,000
accounts still outstanding
from patients Mr. Mateo P6,000
and Ms. Myrasol P9,000.
Paid Delta Equipment one half (7,500)
of the outstanding account.
Utility expenses paid, P8,500. (8,500)
Payment of P25,000 were made
for: rent, P15,000 and (25,000)
advertising, P10,000.
Professional care fees earned
and collected amounted to
P45,000 including one third 48,000 (3,000)
of Ms. Myrasol’s account.
The first installment on the
medical equipment bought was (22,500)
paid in cash.
Salaries of a nurse and medical
intern were paid in cash, (36,000)
P36,000.
Supplies used, P13,500. (13,500)
TOTAL 435,650 12,000 4,350 105,000
TOTAL ASSETS = 557,000
TOTAL LIABILITIES = 30,000
TOTAL EQUITY = 500,000
TOTAL INCOME = 110,000
TOTAL EXPENSES = 83,000
Formula: (Equity + Income -
Expense)
Total: 527,000
Formula: Assets = Liabilities +
Equity
557,000 = 30,000 + 527,000
TOTAL: 557,000 = 557,000
Liabilities Equity Revenue Expense
Furniture & Accounts Ignacio, Ignacio, Professional Advertising Rent
Fixtures Payable Capital Drawings Fees Income Expense Expense
500,000
45,000
15,000
65,000
(7,500)
(10,000) (15,000)
45,000
(22,500)
0 30,000 500,000 0 110,000 (10,000) (15,000)
Expenses
Utilities Salaries Supplies
Expense Expense Expense
(8,500)
(36,000)
(13,500)
(8,500) (36,000) (13,500)
Dr. Ignacio Skin Care Clinic
Two Column Journal
Date Particulars Debit Credit
Oct 08 Cash 500,000.00
Ignacio, Capital 500,000.00
To record Dr. Ignacio investment.
Equipment 90,000.00
Oct 09 Cash 45,000.00
Accounts payable 45,000.00
To record purchased of medical equipment
Oct 10 Supplies 17,850.00
Cash 17,850.00
To record purchased of supplies
Oct 11 Equipment 15,000.00
Accounts payable 15,000.00
To record purchased of equipment on credit
Oct 12 Cash 50,000.00
Accounts receivable 15,000.00
Professional fees income 65,000.00
To record total of fees earned
Oct 13 Accounts payable 7,500.00
Cash 7,500.00
To record payment to Delta
Oct 14 Utilities expense 8,500.00
Cash 8,500.00
To record payment of utilities expense
Oct 15 Rent expense 15,000.00
Advertising expense 10,000.00
Cash 25,000.00
To record payment expenses
Oct 16 Cash 48,000.00
Accounts receivable 3,000.00
Professional fees income 45,000.00
To record collection of income
Oct 17 Accounts payable 22,500.00
Cash 22,500.00
To record payment to first installment
Oct 18 Salaries expense 36,000.00
Cash 36,000.00
To record payment of salaries made
Oct 19 Supplies expense 13,500.00
Supplies 13,500.00
To record supplies used
Activity 5
Name:
Course & Section:
Assets
Transaction Cash Accounts Computer Computer
Receivable Supplies System
Mr. Ty invested P45,000 cash, a
P20,000 computer system, and 45,000 20,000
P80,000 of office equipment.
Signed a contract with Mr.
Peter, lessor, to lease an office NO ENTRY NO ENTRY NO ENTRY NO ENTRY
space for P15,000 a month.
Purchased P1,420 worth of
computer supplies on credit 1,420
from Office Warehouse.
Billed Easy Internet P4,800 for
services performed in installing 4,800
a new Web server.
Paid in full for the computer
supplies purchased from Office (1,420)
Warehouse
Hired Adel Po as a part-time
assistant for P250 per day NO ENTRY NO ENTRY NO ENTRY NO ENTRY
starting immediately
Billed Fast Internet Shop P3,400
for computer system 3,400
installation.
Received cash from Easy
Internet representing 50% of its 2,400 (2,400)
outstanding account
Paid P1,500 cash to repair the
damage on the computer
equipment when it was (1,500)
relocated
Billed IMC Company P5,200 for
consulting services performed. 2,600 5,200
Terms: 50% down payment
balance n/10
Received two bills for rent and
telephone. A total of P17,200 (17,200)
was paid
Mr. Ty withdrew P3,000 cash for (3,000)
personal use
Paid Adel’s wages for 20-day
work done this month (5,000)
TOTAL 21,880 11,000 1,420 20,000
TOTAL ASSETS = 134,300
TOTAL LIABILITIES = 0
TOTAL EQUITY = 142,000
TOTAL INCOME = 16,000
TOTAL EXPENSE = 23,700
Formula: (Equity + Income -
Expense)
Total: 134,300
Formula: Assets = Liabilities +
Equity
134,300 = 0 + 134,300
TOTAL: 134,300 = 134,300
Liabilities Equity Revenue Expenses
Office Accounts Ty, Capital Ty, Drawings Professional Repairs Rent
Equipment Payable Fees Revenues Expense Expense
80,000 145,000
NO ENTRY NO ENTRY NO ENTRY NO ENTRY NO ENTRY NO ENTRY NO ENTRY
1,420
4,800
(1,420)
NO ENTRY NO ENTRY NO ENTRY NO ENTRY NO ENTRY NO ENTRY NO ENTRY
3,400
(1,500)
7,800
(8,600)
(3,000)
80,000 0 145,000 (3,000) 16,000 (1,500) (8,600)
Expenses
Salaries Utilities
Expense Expense
NO ENTRY NO ENTRY
NO ENTRY NO ENTRY
(8,600)
(5,000)
(5,000) (8,600)
Mr. Sandy Ty
Two Column Journal
Date Particulars Debit Credit
Oct 09 Cash 45,000.00
Computer System 20,000.00
Office Equipment 80,000.00
Ty, Capital 145,000.00
To record Mr. Ty investment.
Oct 10 NO ENTRY
Oct 11 Computer supplies 1,420.00
Accounts payable 1,420.00
To record purchased of computer supplies on credit
Oct 12 Accounts receivable 4,800.00
Professional fees earned 4,800.00
To record services performed
Oct 13 Accounts payable 1,420.00
Cash 1,420.00
To record full payment for computer supplies
Oct 14 NO ENTRY
Oct 15 Accounts receivable 3,400.00
Professional fees earned 3,400.00
To record bill for computer system installation
Oct 16 Cash 2,400.00
Accounts receivable 2,400.00
To record cash received
Oct 17 Repairs expense 1,500.00
Cash 1,500.00
To record expense of repair
Oct 18 Cash 2,600.00
Accounts receivable 5,200.00
Professional fees earned 7,800.00
To record the bill for services performed
Oct 19 Utilities expense 8,600.00
Rent expense 8,600.00
Cash 17,200.00
To record payment of the two bills
Oct 20 Ty, Drawing 3,000.00
Cash 3,000.00
To record the withdrawal for personal use
Oct 21 Salaries expense 5,000.00
Cash 5,000.00
To record payment of wages
