UCP :Fundamentals of Accounting 2_Pop Quiz 3

UNIVERSAL COLLEGE OF PARAŇAQUE INC.

8273 Dr. A. Santos Ave., Parañaque City
Tel. Numbers: 02-820-2222/02-820-4276

Name: Ria Gene Garcia Date: October 19.

Altered by: Yu Jun
Dr. Ignacio opened her Skin Care Clinic at Horizon Plaza with the transactions for the month of March.

March 1. Dr. Ignacio made a cash investment P150,000 to open a clinic at Horizon Plaza.
Purchased medical equipment from Reviera Medical Supplies for 90,000. Terms: 50% cash, balance
March 05.
payable in two intstallments, with first installment.
March 10. Purchased supplies for P17,850 and paid cash.
March 12. Bought office equipment from Delta Equipment P15,000 on credit.
March 15. Professional Care Fees of P65,000 represented total fees earned. Only P50,000 received in cash, the
balance is due from Mr. Mateo P6,000 and Mrs. Myrasol P9,000.
March 19. Paid Delta Equipment one third of the outstanding account.
March 20. Utilities expensed paid, P8,500
March 25. Payment of P25,000 were maid for rent P15,000 and advertising P10,000.
March 27. Professional Care Fees earned and collected amounted to P45,000 including one third of Mrs.
Myrasol's account.
March 29. The first intallment on the medical equipment bought was paid in cash.
March 30. Salaries of a nurse and medcal intern were paid in cash, P36,000.
March 31.
Summary of collections in cash amounted to P30,000 including one half of Mr. Mateo's account.
March 31. Supplies used, P13,500.

ACCOUNT TITLES:
101,Cash 401,Revenue
102,Accounts Receivable 601,Utilities Expense
103,Supplies 602,Rent Expense
104,Equipment 603,Advertising Expense
201,Accounts Payable 604,Salaries
301,Ignacio,Capital
 Dr. Ignacio's
General Journal Skin Care Clinic

For the month ended March

Date Account Titles and Explanation Ref Debit
March 01. Cash 101 P500,000
Ignacio, Capital 301
Owner's investment.

5 Equipment 104 90,000

Cash 101
Accounts Payable 201
of March.
Purchased equipment 50%
za. cash, balance payable in
rms: 50% cash, balance two intallments.

10 Supplies 103 17,850

Cash 101
000 received in cash, the Purchased supplies.

12 Equipment 104 15,000

Accounts Payable 201
Bought equipment on credit.
one third of Mrs.
15 Cash 101 50,000
Accounts Receivable 102 15,000
Revenue 401
To record revenue for service
Mr. Mateo's account. paid half in cash and half
on account from Mr.Mateo
and Mrs. Myrasol.

19 Accounts Payable (15,000/3) 201 5,000

Cash 101
Paid one third of account
on equipment.

20 Utilities Expense 601 8,500

Cash 101
Expenses paid.

25 Rent Expense 602 15,000

Advertising Expense 603 10,000
Cash 101
Payment for expenses.
27 Cash 101 45,000
Accounts Receivable 102
Revenue 401
To record revenue paid and
payment for one third of Mrs.
Myrasol's account.

29 Accounts Payable (45,000/2) 201 22,500

Cash 101
First installment for equipment.

30 Salaries Expense 604 36,000

Cash 101
Salaries of a nurse and
medical intern paid in cash.

31 Cash 101 30,000

Accounts Receivable 102
Revenue 401
Summary of collections in
cash and on half of Mr.Mateo's
account.

31 Supplies 103 13,500

Cash 101
Supplies used.
P873,350
 Dr. Ignacio's Skin Care Clinic
General Ledger
For the month ended in March
Credit
ASSETS LIABILITIES
P500,000
CASH ACCOUNTS PAYABLE
Debit Credit Debit
March 01. P500,000 P45,000 March 05. March 19. P5,000
45,000 15 50,000 17,850 10 29 22,500
45,000 27 45,000 5,000 19 Total:
31 30,000 8,500 20
25,000 25
22,500 29
36,000 30
13,500 31
17,850 Total: P451,650

ACCOUNTS RECEIVABLE
Debit Credit
15,000 March 15. P15,000 P3,000 March 27.
3,000 31
Total: P9,000

SUPPLIES
65,000 Debit Credit
March 10. P17,850
31 13,500
Total: P31,350

EQUIPMENT
Debit Credit
5,000 March 05. P90,000
12 15,000
Total: P105,000

8,500

25,000
 3,000
42,000

22,500

36,000

3,000
27,000

13,500

P873,350
 LIABILITIES OWNER'S EQUITY REVENUE

ACCOUNTS PAYABLE IGNACIO,CAPITAL REVENUE

Credit Debit Credit Debit
P45,000 March 05. P500,000 March 01.
15,000 12 Total: P500,000
P32,500
Total:
 REVENUE EXPENSE A
Cash
REVENUE UTILITIES EXPENSE Accounts Receivable
Debit Credit Debit Credit Supplies
P65,000 March 15. March 20. P8,500 Equipment
42,000 27 Total: P8,500 Accounts Payable
27,000 31 Ignacio,Capital
P134,000 RENT EXPENSE Revenue
Debit Credit Utilities Expense
March 25. P15,000 Rent Expense
Total: P15,000 Advertising Expense
Salaries Expense
ADVERTISING EXPENSE
Debit Credit
March 25. P10,000
Total: P10,000

SALARIES EXPENSE
Debit Credit
March 30. P36,000
Total: P36,000
 Dr. Ignacio's Skin Care Clinic
Unadjusted Trial Balance
For the month ended March

Account Title Debit Credit

Cash P451,650
Accounts Receivable 9,000
Supplies 31,350
Equipment 105,000
Accounts Payable P32,500
Ignacio,Capital 500,000
Revenue 134,000
Utilities Expense 8,500
Rent Expense 15,000
Advertising Expense 10,000
Salaries Expense 36,000
TOTAL P666,500 P666,500