Name Surname: Number: Cyprus International University Faculty of Economics and Administrative Sciences Accounting 1 Please answer all the questions below. Mr. Ben., after completing his medical education, established his own practice called XYZ. on May 1. Transactions took place during the first month were as follows: Mayl: Mr. Ben started the business by depositing $80,000 received from the sale of capital stock. Mayl: Obtained credit issuing a note payable from the bank to be paid in six instalments, $60,000, May1: Purchased land and building for $50,000, paying cash. Fair market values of land and building were $20,000 and $30,000 respectively. May2: Purchased office equipment from a shop, at a cost of $9,000. A cash down payment $1,000 was made and a note payable was signed for the remaining amount. May4: Bought $500 of office supplies on account. May8: Treated Rose for several injuries caused in the accident. The patient paid $120 for the office visit and agreed to pay $40 on June 2 for the medical tests made. May 10: Earned revenue of $500 to be received on July 10. May16: Sold on account some of the equipment purchased on May 2, $900. May18: Paid $1,500 cash to purchase some office equipment to be used. May24: Treated several patients and received $3,000 in cash. May27: Collected the amount for the equipment sold on May 16. May28: Purchased office equipment on account, $800. May30: Paid secretary's salary, $600. May 30: Received electricity bill for the month, $100. May31: Paid the first instalment to the bank for the credit obtained on May1. Instructions: a) Journalize each transaction.

Arimumting 1 Pease anvwer all the quentions helure Maysa decemed electrim ty 3 th for bue manth. 5100. Instructiand: a) deciffiaide ablis itangaction