QUIZ 103

Name:___________________________

Blk. _____________________________

Recording Transaction, Prepare Unadjusted Trial Balance, Adjusting Entry, Adjusted Trial Balance,
Financial Position and Financial Performance

MA Castaneda opened Cabanatuan Clinic. The following transaction occurred.

a. Castaneda invested 180,000 in professional practice.

b. Castaneda invested professional equipment amounting P 72,000
c. Bought filling cabinet on account from Andrews Office Essentials, P 3,260.
d. Paid cash for chairs for waiting room, P 4,620
e. Bought printer for P 15,400 from Office Machine paying P 7,400 as down payment, the balance
is due on 30 days.
f. Paid telephone bill P 990.
g. Signed contract for 1 year employee consultation contract with ABC company
h. Paid rent for 3 months P 15,000
i. Hire staff/assistant for monthly salary of P 10,000.
j. Billed patients for professional services performed P 16,120.
k. Paid P 1,800 as membership dues in association.
l. Paid electric bill P 910.
m. Received P 6,900 from patients previously billed in (g)
n. Paid in full accounts related to purchase of cabinet.
o. Paid 1 year insurance P 12,000
p. Received P 2,400 cash from walk in clients.
q. Paid salary for half month P 5,000
r. Purchase supplies of P 23,400
s. Received P 120,000 collection from ABC Company.

PREPARE JOURNAL ENTRY

POST TO LEDGER AND GET THE BALANCE TO PREPARE UNADJUSTED TRIAL BALANCE

MA Castaneda accountant adjust the following data for 1 month financial statement of MA Castaneda
Clinic.

a. Adjust insurance for 1 month

b. As per actual count the supplies on hand amounted to P 10,200.
c. Adjust rent
d. Compute monthly depreciation. The annual life is 5 yrs.
e. P 20,000 collection from ABC Company considered as income for the month.

PREPARE ADJUSTING ENTRIES AND POST TO TRIAL BALANCE

PREPARE ADJUSTED TRIAL BALANCE
PREPARE FINANCIAL PERFORMANCE
PREPARE FINANCIAL POSITION

Prepa