Reference no: EM132663373

Dr. Marlou started his own medical clinic this year. The following events occurred in relation to his business:

1. He deposited 250,000 pesos in a BPI account as funds for business use.

2. Paid 10,000 pesos for business registration and permits.

3. He paid 25,000 pesos out of the fund for the month's clinic rent.

4. He paid Mr. Albert 20,000 pesos for the renovation of the property rented.

5. Purchased medical equipment worth 100,000 pesos on instalments from ABC industries. As a down payment, he paid 50,000 pesos.

6. Bought and paid 15,000 pesos for medical supplies from a XYZ store.

7. Purchased desks and chairs from SM department store for 20,000 pesos.

8. Bought a desktop computer and a printer for 30,000 pesos from the computer store.

9. Hired Mr. Carlo as a staff clerk and paid him 10,000 pesos for his month's salary.

10. Paid 2,500 pesos for electricity, 1,000 pesos for water and 2,000 pesos for internet connection.

11. For the month, Dr. Marlou collected 50,000 pesos of medical fees from his patients.

12. He withdrew 5,000 pesos out of his business funds for personal use.

Problem 1. Employ transaction analysis on each business event.

Problem 2. Record events using a basic recording method and then summarize.

Problem 3. Record events using the double-entry accounting system and then summarize and prepare accounting reports.