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Independent Activity 12

The document lists 10 transactions involving Dr. Abby Cruz's dental clinic business. It provides details of the transactions such as opening the business by investing cash and purchasing assets. It also lists transactions involving providing services to patients, purchasing supplies, paying expenses, and receiving/making payments. The table summarizes the effect of each transaction on the assets, liabilities, and capital of the business.

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Marls Pantin
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92 views

Independent Activity 12

The document lists 10 transactions involving Dr. Abby Cruz's dental clinic business. It provides details of the transactions such as opening the business by investing cash and purchasing assets. It also lists transactions involving providing services to patients, purchasing supplies, paying expenses, and receiving/making payments. The table summarizes the effect of each transaction on the assets, liabilities, and capital of the business.

Uploaded by

Marls Pantin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Independent Activity 1.1. State the value received and value parted with in the Following transactions.

Write your answer on the answer sheet


provided.

1. Bought equipment from ABC Trading on account P 35, 000.

2. Purchased from NBS office supplies worth P 6, 000 cash.

3. Completed legal services for S. Cuneal on account P 25, 000.

4. Paid monthly telephone bill P 2, 345.

5. Paid secretary’s salary P 9, 000.

6. Received P 5, 000 from a client for services rendered.

7. Paid ABC Trading P 15, 000 as partial payment of an account.

8. Paid rent of the office space P 10, 000.

9. Paid ABC trading full amount due.

10. Completed services rendered and received P 5, 000 cash.

VALUE RECEIVED VALUE PARTED WITH


ACCOUNT AMOUNT ACCOUNT AMOUNT
1. EQUIPMENT 35,000 CASH 35,000
2.OFFICE SUPPLIES 6,000 CASH 6,000
3.RECEIVABLE 25,000 SERVICES 25,000
4.SERVICES 2,345 CASH 2,345
5.SERVICES 9,000 CASH 9,000
6.CASH 5,000 CANCELLATION OF RECEIVABLE 5,000
7. ACCOUNTS RECEIVABLE 15,000 ACCOUNTS RECEIVABLE 15,000
8.RIGHT TO OCCUPY 10,000 CASH 10,000
9.ACCOUNTS RECEIVABLE 30,000 ACCOUNTS RECEIVABLE 30,000
10.CASH 5,000 SERVICES 5,000
Independent Activity 1.2. State the effect of the following transactions on assets, liabilities and capital of Dr Abby Cruz. Write it on the answer
sheet provided.

1. Dr Abby opened a dental clinic by investing P 300, 000 cash, land P 200, 000,

Building for clinic and office P 900,000.

2. Purchased dental supplies for cash P 35, 000.

3. Purchased dental chair from KIT Trading on account P 135, 000.

4. Paid advertisement of the clinic P 7, 500.

5. Completed dental work for H. Vega and received P 25, 000.

6. Paid P 60, 000 to KIT Trading as partial payment of the account.

7. Paid dental assistant’s salary P) 7, 500.

8. Completed dental work for D. Santos P 12, 000 on account.

9. Withdrew P 12,000 for personal use.

10. D. Santos paid the full amount due from him.

ASSETS LIABILITIES CAPITAL


INCREASE DECREASE INCREASE DECREASE INCREASE DECREASE
ACCOUNT AMOUNT ACCOUN AMOUNT ACCOUNT AMOUNT ACCOUNT AMOUNT ACCOUNT AMOUNT ACCOUNT AMOUNT
T
1.CASH 300,000 300,000 200,000
BUILDING 900,000 CASH 900,000
2. SUPPLIES 35,000 CASH 35,000
3.EQUIPMEN 135,000 EQUIPMENT 135,000
T
4.ACCOUNTS CASH 7,500 CASH 7,500
PAYABLE
5.CASH 25,000 SERVICE 25,000
6.ACCOUNTS CASH 60,000 CASH 60,000
PAYABLE
7. CASH 7,500 CASH 7,500
8. CASH 12,000 CASH 12,000
9. CASH 12,000 CASH 12,000
10. CASH

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