Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd
Upload
51 views

EXERCISES For December 3, 2020

Dr. Lodi, a sole proprietor, engaged in various business transactions in January related to investing capital, paying expenses, purchasing assets, borrowing money, providing and collecting payment for medical services. These transactions include investing cash, paying permits, insurance, purchasing equipment and fixtures, borrowing from the bank, providing services for cash and credit, collecting payment from customers, and paying expenses like rent and salaries.

Uploaded by

Zymon Andrew Maquinto
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
51 views

EXERCISES For December 3, 2020

Dr. Lodi, a sole proprietor, engaged in various business transactions in January related to investing capital, paying expenses, purchasing assets, borrowing money, providing and collecting payment for medical services. These transactions include investing cash, paying permits, insurance, purchasing equipment and fixtures, borrowing from the bank, providing services for cash and credit, collecting payment from customers, and paying expenses like rent and salaries.

Uploaded by

Zymon Andrew Maquinto
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

EXERCISES for December 3, 2020

Analyze the following business transactions of Dr. Lodi Clinic, a sole proprietorship. Write the Dr and Cr
entries by following the rules of Double Entry Bookkeeping. Write answers in any available paper then scan
and submit to Classwork on or before December 4 at 5PM.

Jan 1 Dr. Lodi invested P100,000 into the business


3 Dr. Lodi paid P7,500 to city hall for a business permit
5 Dr. Lodi paid P10,000 for a one-year insurance
10 Dr. Lodi purchased computer equipment amounting to P20,000 for the clinic
11 Dr. Lodi acquired furniture and fixtures on account amounting to P15,000
15 Dr. Lodi borrowed P30,000 from the bank by signing a note
17 Dr. Lodi rendered professional service to various patients and received P35,000 cash
and half on charge
20 Dr. Lodi rendered medical services to various patients. The total proceeds amounted to
P21,000. These patients had no cash and wrote a note to pay Dr. Lodi on Jan 30, 2017
21 Dr. Lodi paid 1/3 of the bank loan.
30 Dr. Lodi paid for remuneration of his clerk worth P15,000
31 Dr. Lodi paid P10,000 rent, P2,500 for utilities
` 31 Dr. Lodi collected P21,000 from various patients who owed him, with 3% interest
for late payment

You might also like