SIMULATED ACCOUNTING INFORMATION SYSTEM

ACTIVITY 3 RECORDING OF TRANSACTIONS

3.1 GO TO CHART OF ACCOUNTS TAB AND INPUT FORMULA ON CELL D1: =TODAY()
-DRAG DOWN THE FORMULA UP TO CELL D51.

3.1 GO TO JOURNAL ENTRIES TAB AND CREATE DROP-DOWN LIST ON “DATE” COLUMN. ---
-HIGHLIGHT COLUMN A > DATA > DATA VALIDATION > SELECT “LIST” > SOURCE: ='CHART OF
ACCOUNTS'!$D:$D ; CLICK OK AND SAVE.

3.2 COPY THE FORMULA FROM C2 TO C37; COPY FORMULA FROM D2 TO D37.
3.3 JOURNALIZE THE FOLLOWING TRANSACTIONS:
Dr. Nick Marasigan, upon completing a residency program at Harvard Medical
Center, established a medical practice in San Pablo, Laguna. During July 2018,
the first month of operations, the following transactions occurred:

July
1 Dr. Marasigan transferred ₱250,000 from his personal checking account to a
bank account, Dr. Nick Marasigan, M.D.
1 A medical clinic, ₱ 1,000,000 and land, ₱250,000 were acquired by paying
₱50,000 in cash and issuing a 5-year, 20% note payable (interest is payable
every 6 months) for the ₱1,200,000 balance.
1 Acquired medical equipment costing ₱420,000 and medical supplies amounting
to ₱39,000 by paying ₱59,000 cash and issuing a 24% note payable, maturing
in 6 months, for the ₱400,000 balance.
2 Acquired “all-in-one” insurance for a year ₱20,000.
4 Received cash from patients amounting to ₱117,000.
7 Bought a medical supplies on account from San Pablo Supply, ₱17,000.
10 Paid Salaries of nurses and office staff, ₱73,000
12 Received ₱90,000 from the Laguna Experimental Drug Center for research to be
conducted by Dr. Marasigan over the next three months.
18 Billed patients ₱317,000 for services rendered.
21 Paid ₱23,000 for repairs to the medical equipment.
23 Paid the telephone bill ₱3,000
24 Bought medical equipment on account from Dr. De Leon, ₱45,000
25 Collected ₱113,000 from patients billed on the 18th
27 Paid ₱13,000 on account to San Pablo Supply.
30 Withdrew ₱200,000 in cash from the medical practice.
30 Paid ₱15,000 dues to the Laguna Medical Association.