Prepare Journal entries and T-Accounts

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Reference no: EM132911728

Question - Melchor Bombeo opened a clinic under the name Bombeo Chiropractic Clinic. The following transactions occurred during June 2016:

June 1 - Bombeo invested P180,000 cash in his professional practice. He invested in the firm his professional (medical) equipment with a fair market value of P72,000.

June 3 - Bought Office filing cabinet on account from Firmo Office Essentials, P3,260.

June 4 - Paid cash for chairs for the waiting room, P4,620. Tables for P2,500.

June 5 - Bought medical supplies on account, P25,000. from Berovan Medical Supplies. Issued a promissory note of the same.

June 6 - Bought a copier for P15,400. From Penaco Company, paying down, P7,400. The balance on the account.

June 8 - Paid telephone bill, P910.

June 10 - Billed Ms. Lee for professional services performed to her, P16,500.

June 12 - Paid P1,800 as membership dues to the national chiropractic association.

June 14 - Paid electric bill, P910.

June 15 - Received from Ms. Lee, P10,500 in partial settlement of her account.

June 16 - Paid Firmo Office Essentials, in full of account.

June 20 - Paid office rent for the month, P5,000.

June 25 - Received P6,500 cash from walk-in patients.

June 26 - Paid salaries of nurse assistants, P10,000.

June 28 - Billed Mrs. Santos for services rendered, P7,500.

June 29 - Withdrew cash for personal use, P10,000.

June 30 - Received cash from walk-in patients, P12,000.

- Paid Berovan Supplies partial, P15,000.

- Actual count showed medical supplies used for the month, P12,500.

- Received from Mrs. Santos partial of account, P5,000.

Required - From the given data above prepare: Journal entries. T-Accounts (Posting) and Trial Balance.

Note: Submit only the Trial Balance.

Use the following chart of accounts: Cash; Accounts Payable-Name of Customer/Company; Notes Payable - Name of customer/Company; Office Equipment; Medical Equipment; Unused Medical supplies; Medical supplies expense; Office Furnitures; Bombeo, Capital; Bombeo, Withdrawals; Service Income; Salaries Expense; Rent Expense; Utility Expense; Miscellaneous Expense; Accounts Receivable-Name of Customer/Company.

Reference no: EM132911728

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