Module 4 FAR Self Check Activity Answer Key

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MODULE 4 – SELF-CHECK ACTIVITY ANSWER KEY

1. T
2. F (can be corrected)
3. F (Ledger)
4. T
5. T
6. C
7. A
8. D
9. D
10. A

Journalizing Service Concern Transactions


June 1 Cash P950,000
Furniture & Fixtures 250,000
AV. Miao, Capital P1,200,000
Initial investment

June 2 Medical Equipment 750,000


Cash 200,000
Notes Payable 550,000
bought medical equipment

June 4 Unused medical supplies 100,000


Cash 100,000
Bought medical supplies

June 5 Cash 15,000


AV. Miao, Drawing 15,000
Cash withdrawal

June 7 Cash 50,000


Accounts Receivable 60,000
Medical Fees Income 110,000
Medical income earned

June 9 Cash 350,000


A.V. Miao, Capital 350,000
Additional investment

June 11 Notes Payable 550,000


Cash 550,000
Full payment of notes

June 15 Cash 60,000


Accounts Receivable 60,000
Collection of receivable

June 18 Unused Medical Supplies 30,000


Accounts Payable 30,000
Bought medical supplies on account
June 28 Cash 40,000
Accounts Receivable 70,000
Medical Fees Income 110,000
Medical income earned

June 30 Taxes and Licenses P20,000


Salaries of attendants 45,000
Utilities Expense 40,000
Cash 105,000
Expenses paid

Correction of Erroneous Journal Entries:

May 31 Bank Loan Payable P750,000


Janaya, Capital P 750,000
To correct initial investment

May 31 Office Supplies Inventory 5,200


Office Supplies Expense 5,000
Accounts Payable 200
To correct purchased office supplies

May 31 Accounts Receivable 35,000


Professional Income 18,000
Cash in Bank 53,000
To correct income earned

May 31 JL Miao, Drawing 18,000


Advances to Employees 13,000
Cash in Bank 5,000
To record drawing

May 31 Salaries and Wages 3,000


Advances to Employees 3,000
Salaries paid

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