Answer Sheet in Fundamentals of Accountancy, Business and Management 1

Quarter1 Week 7
Name: ________________________________________ Score: ____________________
Grade/Section: _______________________________

Week 7
I. Lesson: Accounting Cycle of a Service Business
II. Learning Competencies: ABM_FABM11-IIIg-j-27-29
III. Content/Assessment

On March 1, 2020, Marlon Cabance, a recent medical board topnotcher, his medical
practice. During the month of March, the following transactions were completed.

Mar 1 Cabance invested Php. 42,500 personal funds in a new bank account in the
name of Marlon Cabance, MD.
2 Acquired medical equipment costing Php. 95,000 from Tambilo Medical
Equipment Company, paying Php. 15,000 in cash, and financing the
remainder by issuing a Php. 80,000 note payable.
3 Paid rent for the month of March, Php 7,500
5 Acquired medical supplies from Suiza Medical Supply Company on account,
Php. 15,250
7 Received Php. 18,450 in cash from patients for medical services rendered
this week.
9 Paid Pablo Labs for preparing laboratory work on a patient, Php 1,800
12 Paid salaries of medical technician and receptionist Php. 9,600
15 Billed patients Php. 51,700 for services rendered.
17 Paid Suiza Medical Supply Company Php, 3,750 on account
20 Paid telephone expense, Php. 850
21 Paid miscellaneous expense, Php1,150
22 Received Php. 27,500 from patients billed on March 15.
23 Acquired additional medical supplies from Suiza Medical Supply Company
on account, Php 9,100
25 Paid salaries, Php, 11,200
26 Billed patients Php. 40, 150 for services rendered
27 Paid Suiza Medical Supply Company, Php 6,150 on account
28 Withdrew Php. 15,000 from medical practice.

Required.
If you have any questions
1. Prepare Journal Entries or concerns about the matter

2. Post the entries to the ledger accounts above, please do not hesitate
to contact me: Mr. Florante P. De Leon,
3. Trial Balance FB Messenger:
https://m.me/florante.deleon