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Assignment 2

Dr. Barbi Baldoza opened Batang Bata Clinic in January 2018, investing P250,000 in cash and P500,000 in medical equipment. Throughout the year the clinic performed various cosmetic procedures, collected some payments, and incurred regular business expenses. By December the clinic had paid P160,000 for rent and utilities.

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INLONG JOHN KEVIN PUNZALAN
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559 views2 pages

Assignment 2

Dr. Barbi Baldoza opened Batang Bata Clinic in January 2018, investing P250,000 in cash and P500,000 in medical equipment. Throughout the year the clinic performed various cosmetic procedures, collected some payments, and incurred regular business expenses. By December the clinic had paid P160,000 for rent and utilities.

Uploaded by

INLONG JOHN KEVIN PUNZALAN
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • Introduction to Batang Bata Clinic
  • Journal Entries for Transactions

Inlong, John Kevin P.

BSBA-BM2

Dr. Barbi Baldoza, a cosmetic surgeon, opened Batang Bata Clinic specializing in
slimming, facial and skin treatment in Recto Manila. The following are the transactions for 2018
the first year of operation:

January 1 Barbi invested P250,000 cash, P500,000 medical equipment.

February 28 Bought furniture on account, costing P150,000 from Furniture World.

March 5 Bought for cash, medical supplies worth P125,000

April 7 A summary of botox treatments rendered showed: cash patients, P215,000; on


account customers, P395,000.

May 31 Received P180,000 proceeds from a bank loan payable on January 31, 2015
and paid with it a two-year insurance for the clinic.

June 30 Paid salaries of nurse and secretary, P120,000

July 17 A summary of liposuction treatments rendered showed: cash customers,


P280,000; on account customers, P245,000 of which P15,000 were collected.

August 31 Received P100,000 advance payment from a patient facial treatment.

September 20 Barbi took P15,000 worth of medical supplies for personal use.

October 5 Collected 10% of balance owed by the botox-treated customers.

December 29 Paid for rent P110,000 which included the use of power and water amounting
to P 50,000
REQUIRED​: Using the table format below, prepare JOURNAL ENTRIES for the above
transactions

Date Description/Account Title Debit Credit


Jan. 1 Cash 250,000
Medical equipment 500,000
Capital 750,000

Date Description/Account Title Debit Credit


Feb. 28 Furniture 150,000
Account payable 150,000
March 5 Medical supplies 125,000
Cash 125,000
April 7 Cash 215,000
Account receivable 395,000
Botox fees 610,000
May 31 Cash 180,000
Prepaid insurance 180,000
June 30 Salary expense 120,000
Cash 120,000
July 17 Cash 280,000
Account receivable 245,000
Cash 15,000
Liposuction fee 525,000
Account receivable 15,000
Aug. 31 Cash 100,000
Advance from customers 100,000
Sept. 20 Drawing 15,000
Cash 15,000
Oc.5 Cash 39,500
Account receivable 39,500
Dec. 29 Rent expense 110,000
Utility expense 50,000
Cash 160,000

Inlong, John Kevin P. BSBA-BM2 Dr. Barbi Baldoza, a cosmetic surgeon, opened Batang Bata Clinic specializing in
REQUIRED​: Using the table format below, prepare JOURNAL ENTRIES for the above transactions D

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