Professional Documents
Culture Documents
2 Prepaid insurance
MS PI Cash
39 20
17 4 Cash
56 Medical revenue
7 Medical supplies
Land MB Accounts payable
250 1000
10 Salaries expense
Cash
12 Cash
A/D-Building ME Unearned research revenue
420
45 18 Accounts receivable
465 Medical revenue
21 Repair epense
Cash
A/D-M/E N/P-20%
1200 23 Telephone expense
Cash
24 Medical equipment
Accounts payable
30 Marasigan, withdrawals
Cash
S/P I/P
30 Association dues expense
Cash
b Supplies expense
Medical supplies
Marasigan, w/d Income Summary
200 c Dep'n exp.-MB
Dep'n exp.-M/e
A/D-MB
A/D-ME
f Interest exp
S/E Ins exp Interest payable
73
D/E-Bldg D/E-Eqpt PI
Interest exp
5
Unadjusted
Trial Balance Adjustments
Debit Credit Debit Credit
Cash 114.000
Accounts receivable 204.000
Medical supplies 56.000 b) 35,000
Prepaid insurance 20.000 a) 1,666.67
Land 250.000
Medical building 1,000.000
Accumulatwd dep'n-MB c) 5,000
Medical equipment 465.000
Accum dep'n-ME c) 9,000
24% Note payable 400.000
20% note payable 1,200.000
Accounts payable 49.000
Salaries payable e) 51,000
Interest payable f) 28,000
Unearned research revenue 90.000 d) 30,000
Marasigan, capital 250.000
Marasigan, withdrawal 200.000
Income summary
Medical revenue 434.000
Research revenue d) 30,000
Salaries expense 73.000 e) 51,000
Insurance expense a) 1,666.67
Repairs expense 23.000
Supplies expense b) 35,000
Association dues expense 15.000
Telephone expense 3.000
Depreciation expense-MB c) 5,000
Depreciation expense-ME c) 9,000
Interest expense f) 28,000
2,423.00 2,423.00 159,666.67 159,666.67
NET INCOME
FINANCIAL STATEMENTS
ASSETS
(Notes)
Current ssets:
Cash 114,000.00
Accounts receivable 204,000.00
Prepaid assets (2) 39,333.33 357,333.33
Noncurrent Assets:
Property, plant and equipment, net (3) 1,701,000.00
Owner's equity:
Marasigan, capital 270,333.33
CLOSING ENTRIES
Debit Credit
Cash 114,000.00
Accounts receivable 204,000.00
Medical supplies 21,000.00
Prepaid insurance 18,333.33
Land 250,000.00
Medical building 1,000,000.00
Accumulatwd dep'n-MB 5,000.00
Medical equipment 465,000.00
Accum dep'n-ME 9,000.00
24% Note payable 400,000.00
20% note payable 1,200,000.00
Accounts payable 49,000.00
Salaries payable 51,000.00
Interest payable 28,000.00
Unearned research revenue 60,000.00
Marasigan, capital 270,333.33
2,072,333.33 2,072,333.33
REVERSING ENTRIES
1 Operating Expense
Salaries expense 124,000.00
Insurance expense 1,666.67
Repairs expense 23,000.00
Supplies expense 35,000.00
Association dues expense 15,000.00
Telephone expense 3,000.00
Depreciation expense-MB 5,000.00
Depreciation expense-ME 9,000.00
Interest expense 28,000.00
2 Prepaid Assets
Medical supplies 21,000.00
Prepaid insurance 18,333.33
39,333.33
3 Property, Plant and Equipment
Accumulated Carrying
Cost Depreciarion Amount
Land 250,000.00 250,000.00
Medical building 1,000,000.00 5,000.00 995,000.00
Medical equipment 465,000.00 9,000.00 456,000.00
1,715,000.00 14,000.00 1,701,000.00
1,000,000
250,000
50,000
1,200,000
al equipment 420,000
39,000
59,000
400,000
d insurance 20,000
20,000
117,000
117,000
17,000
17,000
73,000
73,000
90,000
ned research revenue 90,000
23,000
23,000
al equipment 45,000
45,000
113,000
nts receivable 113,000
420,000
13,000
13,000
es expense 35,000
al supplies 35,000
5,000
9,000
5,000
9,000
30,000
rch revenue 30,000
51,000
51,000
28,000
28,000
DR. NICK MARASIGAN, M.D.
10-Column Working Paper
October 31, 2019
434,000.00 434,000.00
30,000.00 30,000.00
124,000.00 124,000.00
1,666.67 1,666.67
23,000.00 23,000.00
35,000.00 35,000.00
15,000.00 15,000.00
3,000.00 3,000.00
5,000.00 5,000.00
9,000.00 9,000.00
28,000.00 28,000.00
2,516,000.00 2,516,000.00 243,666.67 464,000.00 2,272,333.33 2,052,000.00
- 220,333.33 220,333.33
464,000.00 464,000.00 1,894,333.33 1,894,333.33