Problem #8
Prob
Jourr
Recording Transactions in T-Accounts and Preparing a Trial Balance
Clyde Gamolo opened Cagayan Chiropractic Clinic. The following transactions
occurred during June of this year:
The c
a. Gamolo invested P180,000 cash in the professional practice.
b. Gamolo invested in the firm professional equipment with a fair market
value of P72,000.
C Bought a filing cabinet on account from Andrews Office Essentials, P3,260.
c. Paid cash for chairs for the waiting room, P4,620.
Bought a multi-function printer for P15,400 from Main Office Machines,
paying P7,400 down; the balance is due in thirty days. E.
f. Received and paid telephone bill, P990.
G Billed patients for professional services performed, P16,120.
h. Paid P1,800 as membership dues to the national chiropractic association.
i. Received and paid electric bill, P910.
The
j. Received P6,900 from patients previously billed in transaction (g).
k. Paid in full accounts related to purchase of a filing cabinet.
L Paid office rent for the month, P5,000.
m. Received P2,420 cash from walk-in patients.
n. Paid salaries of nurse assistant, P8,250.
0 Gamolo withdrew cash for personal use, P11,500.
Required:
1. Establish the following T-accounts: Cash; Accounts Receivable; Office
Equipment; Medical Equipment; Accounts Payable; Gamolo, Capital;
Gamolo, Withdrawals; Service Revenues; Salaries Expense; Rent
Expense; Utilities Expense and Miscellaneous Expense.
2. Record the transactions directly into the T-accounts using the
alphabets to identify each transaction.
3. Prepare a trial balance.Problem #8
4.
5. Prob
6.
7. Jourr
8.
9. Recording Transactions in T-Accounts and Preparing a Trial Balance
10.
11. Clyde Gamolo opened Cagayan Chiropractic Clinic. The following
transactions occurred during June of this year:
12.
13. The c
14.
15. A. Gamolo invested P180,000 cash in the professional practice.
16.
17. B. Gamolo invested in the firm professional equipment with a fair
market value of P72,000.
18.
19. C Bought a filing cabinet on account from Andrews Office
Essentials, P3,260.
20.
21. D. Paid cash for chairs for the waiting room, P4,620.
22.
23. Bought a multi-function printer for P15,400 from Main Office
Machines, paying P7,400 down; the balance is due in thirty days. E.
24.
25. F. Received and paid telephone bill, P990.
26.
27. G Billed patients for professional services performed, P16,120.
28.
29. H. Paid P1,800 as membership dues to the national chiropractic
association.
30.
31. i. Received and paid electric bill, P910.
32.
33. The
34.
35. J. Received P6,900 from patients previously billed in transaction
(g).
36.
37. K. Paid in full accounts related to purchase of a filing cabinet.
38.
39. L Paid office rent for the month, P5,000.
40.
41. M. Received P2,420 cash from walk-in patients.
42.
43. N. Paid salaries of nurse assistant, P8,250.
44.
45. 0 Gamolo withdrew cash for personal use, P11,500.
46.
47. Required:
48.
49. 1. Establish the following T-accounts: Cash; Accounts Receivable;
Office Equipment; Medical Equipment; Accounts Payable; Gamolo,
Capital; Gamolo, Withdrawals; Service Revenues; Salaries Expense;
Rent Expense; Utilities Expense and Miscellaneous Expense.
50.
51. 2. Record the transactions directly into the T-accounts using the
alphabets to identify each transaction.
52.
53. 3. Prepare a trial balance.Problem #8
54.
55. Prob
56.
57. Jourr
58.
59. Recording Transactions in T-Accounts and Preparing a Trial
Balance
60.
61. Clyde Gamolo opened Cagayan Chiropractic Clinic. The following
transactions occurred during June of this year:
62.
63. The c
64.
65. A. Gamolo invested P180,000 cash in the professional practice.
66.
67. B. Gamolo invested in the firm professional equipment with a fair
market value of P72,000.
68.
69. C Bought a filing cabinet on account from Andrews Office
Essentials, P3,260.
70.
71. D. Paid cash for chairs for the waiting room, P4,620.
72.
73. Bought a multi-function printer for P15,400 from Main Office
Machines, paying P7,400 down; the balance is due in thirty days. E.
74.
75. F. Received and paid telephone bill, P990.
76.
77. G Billed patients for professional services performed, P16,120.
78.
79. H. Paid P1,800 as membership dues to the national chiropractic
association.
80.
81. i. Received and paid electric bill, P910.
82.
83. The
84.
85. J. Received P6,900 from patients previously billed in transaction
(g).
86.
87. K. Paid in full accounts related to purchase of a filing cabinet.
88.
89. L Paid office rent for the month, P5,000.
90.
91. M. Received P2,420 cash from walk-in patients.
92.
93. N. Paid salaries of nurse assistant, P8,250.
94.
95. 0 Gamolo withdrew cash for personal use, P11,500.
96.
97. Required:
98.
99. 1. Establish the following T-accounts: Cash; Accounts Receivable;
Office Equipment; Medical Equipment; Accounts Payable; Gamolo,
Capital; Gamolo, Withdrawals; Service Revenues; Salaries Expense;
Rent Expense; Utilities Expense and Miscellaneous Expense.
100.
101. 2. Record the transactions directly into the T-accounts using the
alphabets to identify each transaction.
102.
103. 3. Prepare a trial balance.3-46 |
104.
105. Basic Financial Accounting and Reporting 2026 Edition by Prof.
WIN Ballada
106.
107. NAME:
108.
109. SCORE:
110.
111. NAM
112.
113. SECTION:
114.
115. PROFESSOR:
116.
117. SECT
118.
119. Problem #8
120.
121. Prob
122.
123. Jourr
124.
125. Recording Transactions in T-Accounts and Preparing a Trial
Balance
126.
127. Clyde Gamolo opened Cagayan Chiropractic Clinic. The following
transactions occurred during June of this year:
128.
129. The c
130.
131. A. Gamolo invested P180,000 cash in the professional practice.
132.
133. B. Gamolo invested in the firm professional equipment with a fair
market value of P72,000.
134.
135. C Bought a filing cabinet on account from Andrews Office
Essentials, P3,260.
136.
137. D. Paid cash for chairs for the waiting room, P4,620.
138.
139. Bought a multi-function printer for P15,400 from Main Office
Machines, paying P7,400 down; the balance is due in thirty days. E.
140.
141. F. Received and paid telephone bill, P990.
142.
143. G Billed patients for professional services performed, P16,120.
144.
145. H. Paid P1,800 as membership dues to the national chiropractic
association.
146.
147. i. Received and paid electric bill, P910.
148.
149. The
150.
151. J. Received P6,900 from patients previously billed in transaction
(g).
152.
153. K. Paid in full accounts related to purchase of a filing cabinet.
154.
155. L Paid office rent for the month, P5,000.
156.
157. M. Received P2,420 cash from walk-in patients.
158.
159. N. Paid salaries of nurse assistant, P8,250.
160.
161. 0 Gamolo withdrew cash for personal use, P11,500.
162.
163. Required:
164.
165. 1. Establish the following T-accounts: Cash; Accounts Receivable;
Office Equipment; Medical Equipment; Accounts Payable; Gamolo,
Capital; Gamolo, Withdrawals; Service Revenues; Salaries Expense;
Rent Expense; Utilities Expense and Miscellaneous Expense.
166.
167. 2. Record the transactions directly into the T-accounts using the
alphabets to identify each transaction.
168.
169. 3. Prepare a trial balance.
170.
171. R P1. Transfer the date of the transaction from the journal to the
ledger.
172.
173. Recorting Business Transactions | 3-15
174.
175. 2 Transfer the page number from the journal to the journal
reference URI column of the ledger.
176.
177. 3. Post the debit figure from the journal as a debit figure in the
ledger and the credit figure from the journal as a credit figure in the
ledger.
178.
179. 4. Enter the account number in the posting reference column of
the journal once the figure has been posted to the ledger.
180.
181. The Journal
182.
183. Page 1
184.
185. Date
186.
187. Account Titles and Explanation
188.
189. P.R
190.
191. Debit
192.
193. Credit
194.
195. 1211
196.
197. 2025
198.
199. May 1 Cash
200.
201. Ballada, Capital
202.
203. 110
204.
205. 310
206.
207. 250,000
208.
209. 250,000
210.
211. Initial investment.
212.
213. The Ledger
214.
215. Account: Cash
216.
217. Account No. 110
218.
219. Date
220.
221. 12025
222.
223. +
224.
225. Explanation
226.
227. 1. R.
228.
229. Debit
230.
231. Credit
232.
233. Balance
234.
235. May 1
236.
237. 250,000
238.
239. 250,000
240.
241. Account: Ballada, Capital
242.
243. Account No. 310
244.
245. Date
246.
247. Balance
248.
249. 1
250.
251. 2025
252.
253. Explanation
254.
255. J. R
256.
257. Debit
258.
259. Credit
260.
261. 250.000
262.
263. 250,000
264.
265. May 1
266.
267. J-1
268.
269. LEDGER ACCOUNTS AFTER POSTING
270.
271. At the end of an accounting period, the debit or credit balance of
each account must be determined to enable us to come up with a trial
balance.
272.
273. Each account balance is determined by footing (adding) all the
debits and credits.
274.
275. If the sum of an account’s debits is greater than the sum of its
credits, that account has a debit balance.
276.
277. If the sum of its credits is greater, that account has a credit
balance.
