Dr.

Nick Marasigan
Journal Entries
For the Month Ended October 31, 2011
Date Account Titles No. Debit
2011
Oct 1 Cash 110 250,000
Marasigan, Capital 310

1 Medical Building 160 1,000,000

Land 150 250,000
Cash 110
20 % Notes Payable 120

1 Medical Equipment 170 420,000

Medical Supplies 130 39,000
Cash 110
24 % Notes Payable 210

2 Prepaid Insurance 140 20,000

Cash 110

4 Cash 110 117,000

Medical Revenues 410

7 Medical Supplies 130 17,000

Accounts Payable 230

10 Salaries Expense 510 73,000

Cash 110

12 Cash 120 90,000

Unearned Research Revenues 260

18 Accounts Receivable 120 317,000

Medical Revenues 410

21 Repairs Expense 530 23,000

Cash 110

23 Telephone Expense 560 3,000

Cash 110

24 Medical Equipment 170 45,000

Accounts Payable 230
25 Cash 110 113,000
Accounts Receivable 120

27 Accounts Payable 230 13,000

Cash 110

30 Marasigan, Withdrawals 320 200,000

Cash 110

30 Association Dues Expense 550 15,000

Cash 110
 Credit T-ACCOUNTS

Cash Accounts Receivable

250,000 250,000 50,000 317,000 113,000
117,000 59,000 204,000
90,000 20,000
113,000 73,000
50,000 23,000 Medical Supplies
1,200,000 3,000 39,000
13,000 17,000
200,000 56,000
15,000
59,000 114,000 Prepaid Insurance
400,000 20,000
20,000
Land
20,000 250,000 Medical Building
250,000 1,000,000
1,000,000
117,000
Accounts Payable Medical Equipment
13,000 17,000 420,000
17,000 45,000 45,000
49,000 465,000

73,000 24% Accounts Payable

Marasigan, Capital 400,000
250,000 400,000
90,000 250,000
Unearned Research R.
90,000
317,000 Salaries Expense 90,000
73,000
73,000
23,000 Marasigan, Withdrawals
200,000
Repairs Expense 200,000
3,000 23,000
23,000
Medical Revenues
45,000 Salaries Expense 117,000
 73,000 317,000
73,000 434,000
113,000
Telephone Expense Association Dues Exp.
3,000 15,000
13,000 3,000 15,000

200,000

15,000
 Dr. Nick Marasigan
Adjusting Entries
For the Month Ended Ocotber 31, 2011
Account Titles No. Debit
Insurance 520 1,666.67
Prepaid Insurance 140

Supplies Expense 540 35,000

Medical Insurance 130

Depreciation Expense- Medical Building 570 5,000

Accumulated Depreciation Expense- Medical Building 165

Depreciation Expense- Medical Equipment 580 9,000

Accumulated Depreciation Expense- Medical Equipment 175

Unearned Research Revenues 260 30,000

Research Revenues 420

Salaries Expense 510 51,000

Salaries Payable 240

Interest Expense 590 28,000

Interest Payable 250
 Credit

1,666.67

35,000

5,000

9,000

30,000

51,000

28,000
 Trial Balance
No. Account Title Debit
110 Cash 114,000
120 Accounts Receivable 204,000
130 Medical Supplies 56,000
140 Prepaid Insurance 20,000
150 Land 250,000
160 Medical Building 1,000,000
165 Accumulated Depreciation- Medical Building
170 Medical Equipment 465,000
175 Accumulated Depreciation- Medical Equipment
210 24% Notes Payable
220 20% Notes Payable
230 Accounts Payable
240 Salaries Payable
250 Interest Payable
260 Unearned Research Revenues
310 Marasigan, Capital
320 Marasigan, Withdrawals 200,000
410 Medical Revenues
420 Research Revenues
510 Salaries Expense 73,000
520 Insurance Expense
530 Repairs Expense 23,000
540 Supplies Expense
550 Association Dues Expense 15,000
560 Telephone Expense 3,000
570 Depreciation Expense- Medical Building
580 Depreciation Expense- Medical Equipment
590 Interest Expense
Total 2,423,000
NET INCOME
Trial Balance Adjustments Adjusted Trial Balance
Credit Debit Credit Debit Credit
114,000
204,000
b. 35,000 21,000
a. 1,666.67 18,333.33
250,000
1,000,000
c. 5,000 5,000
465,000
c. 9,000 9,000
400,000 400,000
1,200,000 1,200,000
49,000 49,000
e. 51,000 51,000
f. 28,000 28,000
90,000 d. 30,000 60,000
250,000 250,000
200,000
434,000 434,000
d. 30,000 30,000
e. 51,000 124,000
a. 1,666.67 1,666.67
23,000
b. 35,000 35,000
15,000
3,000
c. 5,000 5,000
c. 9,000 9,000
f. 28,000 28,000
2,423,000 159,666.67 159,666.67 2,516,000 2,516,000
 Income Statement Balance Sheet
Debit Credit Debit Credit
114,000
204,000
21,000
18,333.33
250,000
1,000,000
5,000
465,000
9,000
400,000
1,200,000
49,000
51,000
28,000
60,000
250,000
200,000
434,000
30,000
124,000
1,666.67
23,000
35,000
15,000
3,000
5,000
9,000
28,000
243,666.67 243,666.67 2,272,333.33 2,052,000
220,333.33 220,333.33
464,000 464,000 2,272,333.33 2,272,333.33