Problem III. The following transactions were entered into by Dr. Daisy Goose for the month of June:Dr. Goose opened "Duck Spa" by investing PI.500,000 cash and half of a lot inheritedby Dr. Goose and her sister Ann worth P500,000.Interviewed a nurse and a business graduate to work for her for a salary of P15,000Dr. Goose bought for cash P900,000 worth of equipment and P15,000 worth of suppliesBought furniture & fixtures from a friend at a cost of P150,000 promising to pay after7 days. Only P80,000 of this was placed in the clinic. The remaining P70,000 furniture andfixtures were placed in her condominium unit.04070810 12 Applied for a P2,500,000 business loan from a bank by mortgaging her inherited lot. Themoney will be used to construct the clinic.Withdrew supplies worth P2,000 for personal use.The loan was approved and the money deposited for the account of the health spa.Paid one half of the amount due on the furniture and fixtures.14151730A two-story clinic was constructed on the inherited lot. The construction cost amounted toP2,400,000. Terms: down payment P500,000, and a note for the balance.a) Analyze the transactions in an accounting equation. Include money columns for Cash, Supplies,Land, Building, Equipment, Furniture & Fixtures, Accounts Payable, Loans Payable, Goose, Capital.b) In recording June 04, 10, 14 and 30 what accounting principle/concept did you apply?Explain each principle/concept.c) Prepare a statement of financial position as at June 30, using the final balances.

Name: Problem III. The following transactions were entered into by Dr. Dais
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Description: Problem III. The following transactions were entered into by Dr. Daisy Goose for the month of June:Dr. Goose opened "Duck Spa" by investing PI.500,000 cash and half of a lot inheritedby Dr. Goose and her sister Ann worth P500,000.Interviewed a nurse

Accounting equation is one of the fundamental concept being used in accounting, which says that…

Business

Accounting

a) Analyze the transactions in an accounting equation. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture & Fixtures, Accounts Payable, Loans Payable, Goose, Capital. b) In recording June 04, 10, 14 and 30 what accounting principle/concept did you apply? Explain each principle/concept. c) Prepare a statement of financial position as at June 30, using the final balances.

a) Analyze the transactions in an accounting equation. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture & Fixtures, Accounts Payable, Loans Payable, Goose, Capital. b) In recording June 04, 10, 14 and 30 what accounting principle/concept did you apply? Explain each principle/concept. c) Prepare a statement of financial position as at June 30, using the final balances.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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