90.2K

Verified Solution

Link Copied!

please answer all the questions thankyou

15. The following transactions were entered into by Dr. Jo Valdez for the month of June: 04 07 08 10 Jo Valdez opened Jo's Health Spa" by investing P1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P500,000. Interviewed a nurse and a business graduate to work for her for a salary of P15.000 Valdez bought for cash P900,000 worth of equipment and P15,000 worth of supplies Bought furniture and fixtures from a friend at a cost of P150,000 promising to pay after 7 days. Only P80.000 of this was placed in the clinic. The remaining P70,000 furniture and fixtures were placed in her condominium unit. Applied for a P2.500.000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic. N W Withdrew supplies worth P2.000 for personal use. The loan was approved, and the money deposited for the account of the health spa. Paid ofte half of the amount due on the furniture and fixtures A two-story clinic was constructed on the inherited lot. The construction cost amounted to P2.400.000. Terms: down payment P500,000, and a note for the balance. 12 14 15 17 30 a) Analyze the transactions in an accounting equation similar to the Copyclear demonstration format. Include money columns for Cash. Supplies. Land. Building, Equipment, Furniture and Fixtures, Accounts Payable. Loans Payable. Valdez Capital. b) In recording June 04.10.14.30 what accounting principle concept did you apply? Prepare a statement of financial position as at June 30, using the final balances

Answer & Explanation Solved by verified expert

See Answer