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Hi! I already have the answer key on this problem, I just need help to know the process on getting/coming up with the answer. Thank
"Hi! I already have the answer key on this problem, I just need help to know the process on getting/coming up with the answer. Thank you!"
Brook Lyn opened Nine-Nine Chiropractic Clinic. The clinic billed their customers at a price of P4,000 each. The following occurred during June of this year. a. Withdrew 250,000 from personal account and used 4/5 of this amount to open a new account in the name of Nine-Nine Chiropractic Clinic. b. Acquired a medical equipment costing P81,000. A payment of P17,500 in cash was made and a note payable given for the remainder. c. Brook Lyn invested in the business his own office equipment with a fair value of P57,000. d. The Clinic ordered P10,000 chiropractic supplies to CLC Inc. Payment not yet made and items not yet delivered. e. Performed professional services in cash for 3 clients and billed the other 2 clients on account. f. Paid the following: salaries of part time receptionist, P5,000; Utilities expenses P1,500, partial payment to notes payable P7,000. 1. After recording and posting the following transactions in the General Journal and Ledger, what is the closing balance of Cash Account as at 30 of June? a. 171,000 b. 181,000 c. 221,000 d. 231,000 2. What is the balance of Brook Lyn, Capital account before considering profit from operations? a. 250,000 b. 200,000 c. 257,000 d. 307,000 3. What is the total Debit and Credit footing in the Unadjusted trial balance as of June 30 ? a. 333,500 b. 383,500 c. 323,500 d. 373,500 4. What is the amount of Total Assets in the Unadjusted Trial balance? a. 377,000 b. 357,000 c. 337,000 d. 327,000Step by Step Solution
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