JOURNAL ENTRIES T-ACCOUNTS

Oct 1 Cash 250,000.00 Lubi, capital

Lubi, capital 250,000.00

1 Medical building 1,000,000.00

Land 250,000.00
Cash 50,000.00
Note payable 1,200,000.00
Note payable
1 Medical equipment 420,000.00
Medical supplies 39,000.00
Cash 459,000.00

2 Prepaid insurance 20,000.00

Cash 20,000.00
Prepaid insurance
4 Cash 117,000.00 20,000.00
Service revenues 117,000.00

7 Medical supplies 17,000.00 20,000.00

Accounts payable 17,000.00

10 Salaries expense 73,000.00 Salaries expense

Cash 73,000.00 73,000.00

18 Accounts receivable 317,000.00

Service revenues 317,000.00 73,000.00

21 Repairs expense 23,000.00

Cash 23,000.00 Utilities expense
3,000.00
23 Utilities expense 3,000.00
Cash 3,000.00
3,000.00
25 Cash 113,000.00
Accounts receivable 113,000.00

27 Accounts payable 13,000.00

Cash 13,000.00

30 Lubi, drawings 200,000.00

 Cash 200,000.00

1 Journal entries 13 39
2 T-accounts 15 45
3 Unadjusted TB 47
4 Adjustments 5 15
5 Adjusted TB 47
6 Income statement 22
7 Balance sheet 22
8 Closing entries 4 20
9 profit 5
10 Post-closing TB 22
11 Heading 5
289
 ADJUSTING ENTRIES

Lubi, capital Medical building Land AJE 1

250,000.00 1,000,000.00 250,000.00

AJE 2
250,000.00 1,000,000.00 250,000.00

AJE 3
Note payable Medical equipment Medical supplies
1,200,000.00 420,000.00 39,000.00
17,000.00

1,200,000.00 420,000.00 56,000.00 AJE 4

Prepaid insurance Service revenues Accounts payable AJE 5

117,000.00 13,000.00 17,000.00
317,000.00

434,000.00 4,000.00 CLOSING ENTRIES

Salaries expense Accounts receivable Repairs expense

317,000.00 113,000.00 23,000.00

204,000.00 23,000.00

Utilities expense Lubi, drawings Cash

200,000.00 250,000.00 50,000.00
117,000.00 459,000.00
113,000.00 20,000.00
200,000.00 73,000.00
23,000.00
3,000.00
13,000.00
200,000.00
480,000.00 841,000.00
361,000.00
ADJUSTING ENTRIES UNADJUSTED TB
ACCOUNT TITLES DEBIT
Insurance expense 1,666.67 Cash
Prepaid insurance 1,666.67 Accounts receivable 204,000.00
Prepaid insurance 20,000.00
Supplies expense 35,000.00 Medical supplies 56,000.00
Medical supplies 35,000.00 Medical building 1,000,000.00
Land 250,000.00
Dep expense - Med Bldg 5,000.00 Medical equipment 420,000.00
Dep expense - Med Equipme 9,000.00 Accounts payable
Accum dep - Med Bldg 5,000.00 Note payable
Accum dep - Med Equipment 9,000.00 Lubi, capital
Lubi, drawings 200,000.00
Salaries expense 51,000.00 Service revenues
Salaries payable 51,000.00 Salaries expense 73,000.00
Repairs expense 23,000.00
Interest expense 20,000.00 Utilities expense 3,000.00
Interest payable 20,000.00 2,249,000.00

adjustments
CLOSING ENTRIES Insurance expense
Supplies expense
Service revenues 434,000.00 Dep expense - Med Bldg
Income summary 434,000.00 Dep expense - Med Equipment
Accum dep - Med Bldg
Income summary 220,666.67 Accum dep - Med Equipment
Salaries expense 124,000.00 Salaries payable
Repairs expense 23,000.00 Interest expense
Utilities expense 3,000.00 Interest payable
Insurance expense 1,666.67
Supplies expense 35,000.00 PROFIT
Dep expense - Med Bldg 5,000.00 TOTALS
Dep expense - Med Equipment 9,000.00
Interest expense 20,000.00

Income summary 213,333.33

Lubi, capital 213,333.33

Lubi, capital 200,000.00

Lubi, drawings 200,000.00
 Dr. Lubi Medical Practice
Worksheet
for the period ended October 31, 2020

UNADJUSTED TB ADJUSTMENTS ADJUSTED TB IS

CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
361,000.00 361,000.00
204,000.00
1,666.67 18,333.33
35,000.00 21,000.00
1,000,000.00
250,000.00
420,000.00
4,000.00 4,000.00
1,200,000.00 1,200,000.00
250,000.00 250,000.00
200,000.00
434,000.00 434,000.00
51,000.00 124,000.00 124,000.00
23,000.00 23,000.00
3,000.00 3,000.00
2,249,000.00

1,666.67 1,666.67 1,666.67

35,000.00 35,000.00 35,000.00
5,000.00 5,000.00 5,000.00
9,000.00 9,000.00 9,000.00
5,000.00 5,000.00
9,000.00 9,000.00
51,000.00 51,000.00
20,000.00 20,000.00 20,000.00
20,000.00 20,000.00
121,666.67 121,666.67 2,334,000.00 2,334,000.00 220,666.67
213,333.33
434,000.00
dical Practice
ksheet
ed October 31, 2020

IS BS CLOSING ENTRIES POST-CLOSING TB

CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
361,000.00
204,000.00 204,000.00
18,333.33 18,333.33
21,000.00 21,000.00
1,000,000.00 1,000,000.00
250,000.00 250,000.00
420,000.00 420,000.00
4,000.00
1,200,000.00
250,000.00 13,333.33
200,000.00 200,000.00 -
434,000.00 434,000.00
124,000.00 -
23,000.00 -
3,000.00 -

1,666.67 -
35,000.00 -
5,000.00 -
9,000.00 -
5,000.00
9,000.00
51,000.00
20,000.00 -
20,000.00
434,000.00 2,113,333.33 1,900,000.00 434,000.00 434,000.00 1,913,333.33
213,333.33
434,000.00 2,113,333.33 2,113,333.33
POST-CLOSING TB
CREDIT
361,000.00

4,000.00
1,200,000.00
263,333.33

5,000.00
9,000.00
51,000.00

20,000.00
1,913,333.33