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Activity 2 Science

Rosie Park started a medical practice and invested P70,500 of personal funds into a new bank account. Medical equipment costing P105,000 was acquired by paying P10,000 in cash and financing the remainder with a P95,000 note payable. Throughout the month, various expenses were paid and revenues were received from patients as the practice provided medical services.

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38 views1 page

Activity 2 Science

Rosie Park started a medical practice and invested P70,500 of personal funds into a new bank account. Medical equipment costing P105,000 was acquired by paying P10,000 in cash and financing the remainder with a P95,000 note payable. Throughout the month, various expenses were paid and revenues were received from patients as the practice provided medical services.

Uploaded by

mike g.quimno
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Accounting 1

Lesson 3
Activity 2

Journalizing

Prepare the journal entries for the April transactions. Use the two-column General Journal
provided.

On April 1, 2020, Rosie Park, a recent medical board topnocher, started his medical practice. During the
month of April, the following transactions were completed:
April 1 Rosie invested P70,500 personal funds in a new bank account in the name of Rosie Park,
M.D.
2 Acquired medical equipment costing P105, 000 from BP Medical Equipment, paying
P10,000 in cash, and financing the remainder by issuing a P95,000 note payable.
3 Paid rent for the month of April, P8,000.
5 Acquired medical supplies from Boombayah Medical Supply on account, P17,500.
7 Received P18,450 in cash from patients for medical services rendered this week.
9 Paid Jiso Labs for preparing laboratory work on a patient, P2,200.
12 Paid salaries of medical technician and receptionist, P11,200.
15 Billed patients, P60,200 for services rendered.
17 Paid Boombayah Medical Supply P5,000 on account.
20 Paid telephone expense, P980.
21 Paid miscellaneous expense, P1,150.
22 Received P30,250 from patients billed on April 15.
23 Acquired additional medical supplies from Boombayah Medical Supply on account,
P9,100.
25 Paid salaries, P12,800.
26 Billed patients P48, 500 for services rendered.
27 Paid Boombayah Medical Supply, P7,500 on account.
28 Withdrew P20,000 from the medical practice.

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