FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2

Name: __________________________________________________
CHART OF ACCOUNTS
ASSETS OWNER’S EQUITY
Cash on Hand J. Alegre, Capital
Accounts Receivable J. Alegre, Drawing
Unused Medical Supplies INCOME
Furniture and Fixtures Medical Fees Income
Medical Equipment
EXPENSES
LIABILITIES
Salaries Expense
Accounts Payable
Taxes and Licenses
Notes Payable
Utilities Expense

TRANSACTIONS IN AUGUST
1 – Dr. Alegre invested cash amounting to 950,000 and a clinic furniture worth 250,000.
2 – Bought medical equipment on account from Manila Medical Equipment Supply
Company amounting to 750,000, paying 200,000 and issued a note for the balance.
4 – Bought medical supplies for cash, 100,000.
5 – The doctor withdrew for his personal use, 15,000.
7 – Medical fees income earned for the week:
Cash 50,000
On account 60,000
9 – Dr. Alegre made an additional cash investment of 350,000.
11 – Full payment of the note issued to Manila Medical Equipment Supply Company,
550,000.
14 – Medical fees income earned for the week:
Cash 30,000
On account 10,000
15 – Collected in full the patients’ accounts of August 7, 60,000.
18 – Bought medical supplies on account from AMESCO, 30,000.
28 – Medical fees income for two weeks:
Cash 40,000
On account 70,000
30 – Paid the following expenses:
Taxes and Licenses, 20,000; Salaries of Attendants, 45,000; and Utilities Expense,
40,000.
Direction: Journalize the completed transactions using the given chart of accounts.
Aug 1