Unadjusted TB

Cash 84700
Clinic instruments 60000
Accumulated depreciations - Clinic Instruments 12000
Furniture and fixtures 20000
Accumulated depreciations - Furniture and fixtures 5000
Investment in stock of PRTC 10000
Loans payable 6000
Franco Sicat, capital 40000
Franco Sicat, personal 60000
Professional fees 240000
Dividend income 2000
Rent 12000
Salary 18000
Clinic supplies 20000
Utility expenses 4000
Dues and memberships 1200
Professional library expense 7000
Miscellaneous expenses 8000
Interest expense 100
Total 305000 305000

Professional fees receivable

Accrued dividend income
Unused clinic supplies
Professional library (asset), at net value
Accrued utility expense
Accrued interest expense
Retained earnings
Accounts payable
Total

Doubtful accounts expense

Allowance for doubtful accounts
Depreciation expense
Total

Income Summary
Total
Transactions Adjustments Adjusted TB Income Statement Balance Sheet
84700 84700
60000 60000
6000 18000 18000
20000 20000
2500 7500 7500
10000 10000
6000 6000
40000 40000
60000 60000
1100 3000 241900 241900
500 1500 1500
12000 12000
18000 18000
1500 18500 18500
200 3800 3800
1200 1200
7000 7000
8000 8000
50 150 150

3000 3000 3000

500 500
1500 6000 4500 4500
14000 2000 12000 12000
200 600 400 400
50 50 50
6600 1600 5000 5000
14000 14000 14000
27450 27450

2100 2100 2100

2100 2100 2100
10500 10500 10500
12600 12600

335950 335950 81250 248350 254700 87600

167100 167100
248350 248350 254700 254700
Closing entries Closing TB
84700
60000
18000
20000
7500
10000
6000
40000
60000
241900
1500
12000
18000
18500
3800
1200
7000
8000
150

3000

4500
12000
400
50
167100 162100
14000

2100
2100
10500

246850 246850

495150 495250 249700 249700

Professional fees 1100
Retained earnings 1100

Professional fees receivable 3000

Professional fees 3000

Accrued dividend income 500

Retained earnings 500

Dividend income 500

Accrued dividend income 500

Retained earnings 6000

Unused clinic supplies 6000

Unused clinic supplies 1500

Clinic supplies expense 1500

Professional library 10000

Accounts payable 10000

Professional library 4000

Accounts payable 4000

Retained earnings 600

Accrued utility expense 600

Accrued utility expense 200

Utility expense 200

Interest expense 50
Accrued interest expense 50

27450 27450

Depreciation expense 10500

Accumulated depreciation - CI 6000
Accumulated depreciation - FF 2500
Professional library (net) 2000

Doubtful accounts expense 2100

Allowance for doubtful accounts 2100
Professional fees 241900
Unused clinic supplies 4500
Accrued utility expense 400
Accrued interest expense 50
Income Summary 246850

Income Summary 81250

Rent 12000
Salary 18000
Clinic Supplies 18500
Utility expenses 3800
Dues and membership 1200
Professional library expense 7000
Miscellaneous expense 8000
Interest expense 150
Doutful accounts expense 2100
Depreciation expense 10500

Income Summary 165600

Retained earnings 165600

Dividend income 1500

Retained earnings 1500
495200 495200