FOABM

Second Grading, Second Semester

Types of Transactions
Effects of Transactions

Name: ___________________________________ Score: _____________

Required:
I. Identify the Type of each transactions.
II. State the Effects of the Transactions on the Assets, Liabilities and Owner’s Equity of the business.

(1) Dr. Roman established the Carlo Roman Medical and Surgical Clinic by investing P115,500 cash and
medical equipment with a fair value of P15,500.
(2) Received P5,000 from a patient for a general check-up performed on him.
(3) Bought medical library worth P25,000 from TKB Bookstore on credit.
(4) Paid the rent for the month, P4,300.
(5) Sent a bill to Mr. G. Mercado for the surgical services rendered, P12,200
(6) Professional fees of P10,000 were received in cash from a client.
(7) Paid P4,500 for medical supplies ordered and received.
(8) Bought medical instruments from Jon Trading P11, 500 on credit.
(9) Paid P7,000 to TKB Bookstore as partial payment of the account due to it.
(10) Mr. G. Mercado paid P2,000 as partial settlement of his account.
(11) Billed a patient P8,800 for surgical services rendered.
(12) Received P3,000 from a patient for a general check-up performed on him.
(13) Paid the monthly utility bill P500.
(14) Paid P5,000 to Jon Trading as partial settlement of our account.
(15) Dr. Roman withdrew P1,500 from the business for his personal use.