Exercise No. 2: Analyzing
Transactions to Start a Business
Bookkeeping for a Service Provider
(Journalizing) 2026
Introduction
The second step in the accounting cycle involves analyzing and recording
source documents in a book called the journal, the book of original
entry. The debits and credits of each account are recorded chronologically
by day. The simplest form of journal is the two-column general journal
and the process of recording in this book is called Journalization. Each
journal entry contains the following items:
1. Date
2. The account title and the amount to be debited
3. The account title and the amount to be credited
4. Explanation
Learning Outcomes
1. Prepare Journal entries.
2. Record Journal entries correctly in a journal
Materials
Online: Laptop or a cellphone, calculator
Modular: Black Ballpen answer sheet provided, calculator
, Procedure
A. Journalize the following transaction using a 2 column journal.
Dr. Janet Dantes opened her medical clinic in Laguna. Consultation fee is
Php. 500 per patient, surgery fee depends on the medical case ans I allowed
to be on account for 30 days with a 50% down payment. The following
transactions took place for the first month of operation.
January
3 The doctor invested Php. 150,000 cash and
30,000 medical equipment
5 Bought furniture and fixtures costing Php.
15,000 from Furniture Canvas on account
10 Bought and paid cash for medical supplies
costing Php. 5,000
14 A summary of medical services rendered
showed: fifteen
(15) cash patients for consultation and check-
up. Two for minor surgery. Miles Pangilinan
Php. 15,000 and Francis Santos Php. 25,000.
Collected the 50% downpayment.
15 Paid the semi-monthly salaries of the
secretary and the nurse Php. 9,500.
16 Dr. Dantes bought surgery equipment from
Melrose Medical Equipment and issued a note
for Php. 200,000
17 Collected in full from Francis Santos.
18 Dr. Dantes withdrew Php. 750 medical
supplies for family use.
20 Sent a bill to Lucia Tan for monthly check-up
for her ten employees. Tan paid 50% only.
22 Partial payment was made to furniture
Canvas in the amount of Php. 5,000.
24 Summary of cash receipts from various
patients: twenty for consultation and
medical check up
25 Paid Php. 50,000 to Melrose Medical Equipment
Transactions to Start a Business
Bookkeeping for a Service Provider
(Journalizing) 2026
Introduction
The second step in the accounting cycle involves analyzing and recording
source documents in a book called the journal, the book of original
entry. The debits and credits of each account are recorded chronologically
by day. The simplest form of journal is the two-column general journal
and the process of recording in this book is called Journalization. Each
journal entry contains the following items:
1. Date
2. The account title and the amount to be debited
3. The account title and the amount to be credited
4. Explanation
Learning Outcomes
1. Prepare Journal entries.
2. Record Journal entries correctly in a journal
Materials
Online: Laptop or a cellphone, calculator
Modular: Black Ballpen answer sheet provided, calculator
, Procedure
A. Journalize the following transaction using a 2 column journal.
Dr. Janet Dantes opened her medical clinic in Laguna. Consultation fee is
Php. 500 per patient, surgery fee depends on the medical case ans I allowed
to be on account for 30 days with a 50% down payment. The following
transactions took place for the first month of operation.
January
3 The doctor invested Php. 150,000 cash and
30,000 medical equipment
5 Bought furniture and fixtures costing Php.
15,000 from Furniture Canvas on account
10 Bought and paid cash for medical supplies
costing Php. 5,000
14 A summary of medical services rendered
showed: fifteen
(15) cash patients for consultation and check-
up. Two for minor surgery. Miles Pangilinan
Php. 15,000 and Francis Santos Php. 25,000.
Collected the 50% downpayment.
15 Paid the semi-monthly salaries of the
secretary and the nurse Php. 9,500.
16 Dr. Dantes bought surgery equipment from
Melrose Medical Equipment and issued a note
for Php. 200,000
17 Collected in full from Francis Santos.
18 Dr. Dantes withdrew Php. 750 medical
supplies for family use.
20 Sent a bill to Lucia Tan for monthly check-up
for her ten employees. Tan paid 50% only.
22 Partial payment was made to furniture
Canvas in the amount of Php. 5,000.
24 Summary of cash receipts from various
patients: twenty for consultation and
medical check up
25 Paid Php. 50,000 to Melrose Medical Equipment
