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    Module 4 FAR Self Check Activity Answer Key

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    MicsjadeCastillo
    This document contains journal entries for a service concern from June 1 to June 30. It records transactions such as initial investment, purchase of medical equipment, medical income earned, additional investment, payment of notes payable, collection of receivables, and payment of expenses. It also contains corrections to some erroneous journal entries from May 31.

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    Module 4 FAR Self Check Activity Answer Key

    Uploaded by

    MicsjadeCastillo
    112 views2 pages
    This document contains journal entries for a service concern from June 1 to June 30. It records transactions such as initial investment, purchase of medical equipment, medical income earned, additional investment, payment of notes payable, collection of receivables, and payment of expenses. It also contains corrections to some erroneous journal entries from May 31.

    Original Description:

    Self check.

    Original Title

    Module-4-FAR-Self-check-activity-Answer-Key

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    This document contains journal entries for a service concern from June 1 to June 30. It records transactions such as initial investment, purchase of medical equipment, medical income earned, additional investment, payment of notes payable, collection of receivables, and payment of expenses. It also contains corrections to some erroneous journal entries from May 31.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    112 views2 pages

    Module 4 FAR Self Check Activity Answer Key

    Uploaded by

    MicsjadeCastillo
    This document contains journal entries for a service concern from June 1 to June 30. It records transactions such as initial investment, purchase of medical equipment, medical income earned, additional investment, payment of notes payable, collection of receivables, and payment of expenses. It also contains corrections to some erroneous journal entries from May 31.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    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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