Accounting

Jose Lacson opened Lacson's Chiropractic Clinic. The following transactions occurred during May of this year:
a. Lacson invested 180,000 cash in his professional practice.
b. Lacson invested in the firm his professional equipment with a fair market value of 72,000.
C. Bought a filing cabinet on account from Firmo Office Essentials, 3,260.
d. Paid cash for chairs for the waiting room, 4,260.
e. Bought a personal copier for 15,400 from Penaco Office Machines, paying 7,400 down; the balance is due in
thirty days.
f. Received and paid telephone bill, 990.
g. Billed patients for professional services performed, 16,120.
h. Paid 1,800 as membership dues to the national chiropractic association
i. Received and paid electric bill, 910.
j. Received 6,900 from patients previously billed in transaction (g).
k Paid in full accounts related to purchase of a filing cabinet
1. Paid office rent for the month, 5,000.
m. Received 2,420 cash from walk-in patients.
n. Paid salaries of nurse assistant, 8,250.
o. Lacson withdrew cash for personal use, 11,500.
Required:
1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment; Medical Equipment; Accounts
Payable; Lacson,Capital; Lacson, Withdrawals; Service Revenues; Salaries Expense; Rent Expense; Utilities Expense
and Miscellaneous Expense.
2. Record the transactions directly into the T-accounts using the alphabets to identify each transaction.
3. Prepare a trial balance.
Solution:

T accounts
Trial Balance:

Trial Balance
Particulars Debit Credit
Cash 145,950  
Accounts receivable 9,220  
Office equipment 22,920  
Medical equipment 72,000  
Accounts payable   8,000
Lacson, capital   252,000
Lacson, withdrawals 11,500  
Service revenues   18,540
Salaries expense 8,250  
Rent expense 5,000  
Utilities expense 1,900  
Miscellaneous expense 1,800  
Total 278,540 278,540
Business Math

A. Identification. On the line before the number, write the word that best describes the definition

1. The amount earned by any person before subtracting the taxes, benefits, loans, and other possible
deductions.

-2. The amount held by any authority as a form of payment for some necessary dues like taxes, loans,
etc.

3. A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an
annual sum, made by an employer to an employee.

4. A payment or gift made by an employer, the state, or an insurance company.

5. The amount of time a person works beyond working hours.

6. This graph uses line segment to connect date points.

7. Score points which divide the distribution into four equal parts.

8. The average of the squared deviation of every score from the mean.

9. The square root of the variance. It measures the difference of every score from the mean.

10. The difference between the highest and the lowest scores.

Answer:

1. Personal disposable income or disposable personal income

2. Collateral
3. Salary
4. Incentives or Benefits
5. Overtime
6. Line graph
7. Quartile
8. Variance
9. Standard deviation
10. Range
B. Frequency Table

1.)

16 30 36 40 43 50 55 # of class 7 Frequency Frequency

21 31 36 40 45 50 57 N= 4 16-22 2 51-57 6
24 32 36 41 45 51 59 Range 46 23-29 4 58-64 2
25 33 37 42 46 52 62 Interval 7 30-36 9
28 35 38 42 47 53 37-43 10
29 35 39 42 49 55 44-50 7

Solution:
2.)

71 87 95 105 # of class 6 Frequency

76 88 96 105 N= 50 71-78 2
79 90 96 106 Range 46 79-86 10
80 90 97 106 Interval 8 87-94 13
81 91 97 107 95-102 12
83 91 97 110 103-110 9
84 91 98 110 111-118 4
84 91 10 112
0
85 92 10 113
0
85 93 10 114
1
85 4 10 117
2
86 95 10
4
Solution:
a. Fill in the blanks
Year Sales Expenses
2010 12,000 3,000
2011 25,500 4,500
2012 20,000 5,000
2013 24,000 5,500
2014 28,000 7,500
b. The sales from 2014 (28,000) is much larger than the sales from 2010 (12,000). It is
because the food business was still new in 2010, then end up being popular in 2014.
Customer retention is one factor affecting the sales.
c. The expenses from 2010 to 2014 continue to increase every year. Its trend is increasing
from 2010 to 2014 because of the higher demand of customers and the increasing price of
ingredients. 
d. The worst year of the business is its first year, 2010, because it is the year with the
lowest profit (9000) white the best year is 2011 where the business started to boom and the
profit is at its highest (21000).