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    Business Transactions and Worksheet (Teofila Albay)

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    Teofila Albay established the Albay Eye Clinic in June 2019. During the month, Albay deposited capital of P200,000, paid expenses such as rent, supplies, equipment, and salaries totaling P139,280, and performed eye services generating revenue of P49,360. Albay also withdrew P12,500 for personal use.

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    Business Transactions and Worksheet (Teofila Albay)

    Uploaded by

    Unknown
    301 views1 page
    Teofila Albay established the Albay Eye Clinic in June 2019. During the month, Albay deposited capital of P200,000, paid expenses such as rent, supplies, equipment, and salaries totaling P139,280, and performed eye services generating revenue of P49,360. Albay also withdrew P12,500 for personal use.

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    Business Transactions and Worksheet ( Teofila Albay)

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    Teofila Albay established the Albay Eye Clinic in June 2019. During the month, Albay deposited capital of P200,000, paid expenses such as rent, supplies, equipment, and salaries totaling P139,280, and performed eye services generating revenue of P49,360. Albay also withdrew P12,500 for personal use.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    301 views1 page

    Business Transactions and Worksheet (Teofila Albay)

    Uploaded by

    Unknown
    Teofila Albay established the Albay Eye Clinic in June 2019. During the month, Albay deposited capital of P200,000, paid expenses such as rent, supplies, equipment, and salaries totaling P139,280, and performed eye services generating revenue of P49,360. Albay also withdrew P12,500 for personal use.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Problem 6

    On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic. Transactions completed
    during the
    month are as follows:
    a. Albay deposited P200,000 in a bank account in the name of the business.
    b. Paid office rent for the month, P8,400.
    c. Bought supplies for cash, P7,750.
    d. Bought office equipment on account from Dagupan Equipment, P91,800.
    e. Bought a computer from Del Rosario Office Outfitter, P18,400, paying P6,000 in cash and the balance
    on
    account.
    f. Performed professional services for cash, P24,210.
    g. Paid accounts to Del Rosario Office Outfitters, P9,000.
    h. Received and paid the bill for utilities, P2,430.
    i. Paid salaries of the part-time assistants, P9,900.
    j. Performed professional services for cash, P25,150.
    k. Albay withdrew cash for personal use, P12,500.
    Required:
    Record the transactions for the month of June 2019 using a financial transaction worksheet. Use the
    following
    accounts: Cash; Accounts Receivable; Office Equipment; Accounts Payable; and Albay, Capital. If the
    owner’s equity
    account is affected by a transaction, identify it as revenue, expense, investment or withdrawal.

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