FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Complete the worksheet and prepare the statement of changes in equity.
Adjustments: a. Insurance for one month has expired. b. Medical supplies on hand at month-end amounted to P21,000. c. Depreciation on the medical building and on the medical equipment is P5,000 and P9,000, respectively. d. Unearned research revenues in the amount of P30,000 have been earned. e. Salaries of P51,000 have accrued. f. Interest on the 20% and 24% notes are P20,000 and P8,000, respectively. Complete the worksheet and prepare an income statement, a statement of changes 'n.equity, and a balance sheet.
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Transcribed Image Text:Adjustments: a. Insurance for one month has expired. b. Medical supplies on hand at month-end amounted to P21,000. c. Depreciation on the medical building and on the medical equipment is P5,000 and P9,000, respectively. d. Unearned research revenues in the amount of P30,000 have been earned. e. Salaries of P51,000 have accrued. f. Interest on the 20% and 24% notes are P20,000 and P8,000, respectively. Complete the worksheet and prepare an income statement, a statement of changes 'n.equity, and a balance sheet.
Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna. During October 2020, the first month of operations, the following transactions occurred: Dr. Marasigan transferred P250,000 from his personal checking account to a bank account, Dr. Nick Marasigan, M.D. A medical clinic, P1,000,000 and land, P250,000 were acquired by paying P50,000 in cash and issuing a 5-year, 20% note payable (interest is payable every 6 months) for the P1,200,000 balance. Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying P59,000 cash and issuing a 24% note payable, maturing in 6 months, for the P400,000 balance. Acquired "all-in-one" insurance for a year, P20,000. Received cash from patients amounting to P117,000. Bought medical supplies on account from San Pablo Supply, P17,000. Paid salaries of nurses and office staff, P73,000. Received P90,000 from the Laguna Experimental Drug Center for research to be conducted by Dr. Marasigan over the next 3 months. Billed patients P317,000 for services rendered. Paid P23,000 for repairs to the medical equipment. Paid the telephone bill, P3,000. Bought medical equipment on account from Dr. De Leon, P45,000. Collected P113,000 from patients billed on the 18th. Paid P13,000 on account to San Pablo Supply. Withdrew P200,000 in cash from the medical practice. Paid P15,000 dues to the Laguna Medical Association. Oct. 1 1 1 2 4 7 10 12 18 21 23 24 25 27 30 30 Chart of Accounts Account No. Account 110 Marasigan, Capital Marasigan, Withdrawals Income Summary Medical Revenues Cash Accounts Receivable Medical Supplies Prepaid Insurance Land Medical Building Accumulated Depreciation- Medical Building Medical Equipment 310 120 320 130 330 140 410 Research Revenues Salaries Expense 150 420 160 510 Insurance Expense 520 165 170 Repairs Expense Supplies Expense 530 540 Association Dues Expense Telephone Expense Depreclation Expense-Bldg. Depreciation Expense-Equipt. Interest Expense 550 Accumulated Dopreciation- Medical Equipnent 24% Notes Payable 20% Notes Payable Accounts Payable Salaries Payable Interest Payable Unearned Research Revenues 175 560 210 570 220 580 230 590 240 250 260
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Transcribed Image Text:Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna. During October 2020, the first month of operations, the following transactions occurred: Dr. Marasigan transferred P250,000 from his personal checking account to a bank account, Dr. Nick Marasigan, M.D. A medical clinic, P1,000,000 and land, P250,000 were acquired by paying P50,000 in cash and issuing a 5-year, 20% note payable (interest is payable every 6 months) for the P1,200,000 balance. Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying P59,000 cash and issuing a 24% note payable, maturing in 6 months, for the P400,000 balance. Acquired "all-in-one" insurance for a year, P20,000. Received cash from patients amounting to P117,000. Bought medical supplies on account from San Pablo Supply, P17,000. Paid salaries of nurses and office staff, P73,000. Received P90,000 from the Laguna Experimental Drug Center for research to be conducted by Dr. Marasigan over the next 3 months. Billed patients P317,000 for services rendered. Paid P23,000 for repairs to the medical equipment. Paid the telephone bill, P3,000. Bought medical equipment on account from Dr. De Leon, P45,000. Collected P113,000 from patients billed on the 18th. Paid P13,000 on account to San Pablo Supply. Withdrew P200,000 in cash from the medical practice. Paid P15,000 dues to the Laguna Medical Association. Oct. 1 1 1 2 4 7 10 12 18 21 23 24 25 27 30 30 Chart of Accounts Account No. Account 110 Marasigan, Capital Marasigan, Withdrawals Income Summary Medical Revenues Cash Accounts Receivable Medical Supplies Prepaid Insurance Land Medical Building Accumulated Depreciation- Medical Building Medical Equipment 310 120 320 130 330 140 410 Research Revenues Salaries Expense 150 420 160 510 Insurance Expense 520 165 170 Repairs Expense Supplies Expense 530 540 Association Dues Expense Telephone Expense Depreclation Expense-Bldg. Depreciation Expense-Equipt. Interest Expense 550 Accumulated Dopreciation- Medical Equipnent 24% Notes Payable 20% Notes Payable Accounts Payable Salaries Payable Interest Payable Unearned Research Revenues 175 560 210 570 220 580 230 590 240 250 260
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