Answered step by step
Verified Expert Solution
Question
1 Approved Answer
John Karlo Dalangin, a dentist, established Delangin Clinic. The following transfethons accurned during June of this year: a. Dalangin deposited P280,000 in a bank account
John Karlo Dalangin, a dentist, established Delangin Clinic. The following transfethons accurned during June of this year: a. Dalangin deposited P280,000 in a bank account in the name of the business., b. Bought a 3-4n-1 office equipment from Pitular Equipment for P4,950, paying P1,000 in cash and the balance on account. c. Bought waiting room chairs and a table, paying cash, P12,300. d. Bought office intercom on account from NE Office Supply, P2,750. e. Received and paid the telephone bill, P1,080. f. Performed professional services on account, P12,940. 8. Received and paid the electric bill, P1,850. h. Received and paid the bill for the Regional Dental Convention, P3,500. i. Performed professional services for cash, P17,650. J. Partially settled accounts with NE Office Supply, P1,000. k. Paid rent for the month, P8,400. 1. Paid salaries of the part-time receptionist, P3,500. m. Dalangin withdrew cash for personal use, P8,500. n. Received P5,500 on account from patlents who were previously billed. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment, Office Furniture; Accounts Payable; Dalangin, Capital; Dalangin, Withdrawals Professional Fees; Salaries Expense; Rent Expense; Utilities Expense and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts using the alphabets to identih each transaction. 3. Prepare a trial balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started