APPLICATION ASSIGNMENT-COACHING SESSION 4

The following are his activities for the month of December 2019

The following are his activities for the month of December 2019
REQUIREMENTS
1. Prepare Adjusting Entries

a.     Depreciation of fixed assets as of Dec. 31, 2019, useful life is 5 years.

b.     Accrued salaries as of Dec. 31, 2019

c.     Prepayments as of Dec. 31, 2019
2. Prepare General Ledger for all your adjusting entries.
3.      Prepare the adjusted trial balance as of December 31, 2019, please modify as needed

JOURNAL ENTRY
DATE BUSINESS ACTIVITY ACCOUNT TITLE DEBIT CREDIT
Cash 250,000.00
Dr. Marasigan transferred P250,000 from his personal checking Marasigan, Capital 250,000.00
1-Dec-19
account to the account under the name of the business.

Medical Building 1,000,000.00

A medical building of P1, 000, 000 and land, P250,000 were acquired Land 250,000.00
1-Dec-19 by paying P50,000 in cash and issuing a 5-year, loans
payable for the P1,200,000 balance. Cash 50,000.00
Loans Payable 1,200,000.00
Medical Equipment 420,000.00
Acquired medical equipment costing P420, 000 and medical supplies Medical Supplies 39,000.00
1-Dec-19 amounting to P39,000 by paying P59,000 cash and issuing a note
payable, maturing in 6 months, for the P400,000 balance. Cash 59,000.00
Notes Payable 400,000.00
Prepaid Insurance 20,000.00
Acquired “all-in-one” insurance for a year, P20, 000. Cash 20,000.00
1-Dec-19

Cash 117,000.00
Medical Revenue 117,000.00
4-Dec-19 Received cash from patients amounting to P117, 000.

Medical Supplies 117,000.00

Bought medical supplies on account from San Pablo Supply, P117, Accounts Payable 117,000.00
7-Dec-19
000.

Salaries and Wages 73,000.00

10-Dec-19 Paid salaries of nurses and office staff, P73, 000. Cash 73,000.00

Cash 90,000.00
12-Dec-19 Unearned Revenue 90,000.00
Receive P90, 000 from the Laguna Experimental Drug Center for
research to be conducted by Dr. Marasigan over the next 3 months.
Accounts Receivable 317,000.00
Medical Revenue 317,000.00
18-Dec-19 Billed patients P317, 000 for services rendered.
 JOURNAL ENTRY
DATE BUSINESS ACTIVITY ACCOUNT TITLE DEBIT CREDIT
Repair Expense 23,000.00
Cash 23,000.00
21-Dec-19
Paid P23, 000 for repairs to the medical equipment.

Telephone Expense 3,000.00

23-Dec-19 Paid the telephone bill, P3, 000. Cash 3,000.00

Medical Supplies 45,000.00

Accounts Payable 45,000.00
12/24/2019 Bought medical supplies on account from Dr. De Leon, P45, 000.

Cash 113,000.00
Collected P113, 000 from patients billed on the 18th. Accounts Receivable 113,000.00
28-Dec-19

Accounts Payable 13,000.00

29-Dec-19 Paid P13, 000 on account to San Pablo Supply. Cash 13,000.00

Withdrew P200, 000 in cash from the medical practice. Cash 200,000.00
30-Dec-19 Marasigan, Drawings 200,000.00

Paid P15, 000 dues to the Laguna Medical Association. Accounts Payable 15,000.00
Cash 15,000.00
30-Dec-19
 DATE ADJUSTING JOURNAL ENTRIES
ACCOUNT TITLE DEBIT CREDIT

31-Dec-19 Depreciation Expense - Medical Building 5,000.00

Accumulated Depreciation - Medical Building 5,000.00

31-Dec-19 Depreciation Expense - Medical Equipment 9,000

Accumulated Depreciation - Medical Equipment 9,000

31-Dec-19 Insurance Expense 1,666.67

Prepaid Expense 1,666.67

Unearned Revenue 30,000

Research Revenue 30,000
DATE ADJUSTING JOURNAL ENTRIES
ACCOUNT TITLE DEBIT CREDIT
ACCOUNT TITLE :

Cash on Hand and in Bank

Accounts Receivable CURRENT ASSETS
Prepaid Insurance
Medical Supplies
Land
PROPERTY,PLANT AND
Medical Building EQUIPMENT ACCOUNT
Medical Equipment
Accumulated Depreciation-Medical Building
CONTRA ASSET ACCOUNT
Accumulated Depreciation-Medical Equipment
Input VAT under liability for quickbooks
Accounts Payable
Unearned Revenue
Accrued Expenses LIABILITY ACCOUNT
Output VAT
Notes Payable
Loans Payable
Marasigan, Capital
CAPITAL ACCOUNT
Marasigan, Drawing
Medical Revenue
E REVENUE ACCOUNT
Research Revenue X
Salaries and Wages P
E
Insurance Expense N
Repair Expense S
Supplies Expense E
Association Dues Expense A
Telephone Expense C
Depreciation Expense C
O
Amortization Expense U
N
T
 Cash 110
165
 120
170
 130
175
310
320
330
410
Resear 420
Sal 510
520
Re 530
540
550
560
 General Ledger

Cash on Hand and in Bank Accounts Payable

Date Amount Date Amount Date Amount

JD, Capital
Date Amount
Balance -

Accounts Receivable -
Date Amount Date Amount

Balance -

Inventory
Date Amount Date Amount

Balance -
Accounts Payable Salaries and Wages
Date Amount Date Amount Date

Balance - Balance -

Lights and Water

JD, Capital Date Amount Date
Date Amount

Balance - Balance -

Rent Expense
Date Amount Date

Balance -
d Wages
Amount

Water
Amount

ense
Amount
 JD SALON SHOP
EXAMPLE Trial Balance
October 31,2019

Debits Credits
Cash on Hand and in Bank 961,032.03
Accounts Receivable 79,000.00
Prepayments 10,000.00
Security Deposit 20,000.00
Tools and Equipment 128,000.00
Furnitures and Fixtures 27,000.00
Leasehold Improvement 100,000.00
Accumulated Depreciation-Furniture and Fixture -
Accumulated Depreciation-Tools and Equipment -
Accumulated Amortization-Leasehold Improvement -
Input VAT under liability for quickbooks -
Accounts Payable -
Accrued Expenses -
Output VAT -
JD, Capital 1,000,000.00
JD, Drawing -
Service Revenue 356,460.00
Salaries and Wages 16,000.00
Lights and Water 1,937.98
Rent Expense -
Communication Expense 1,489.99
Office Supplies 3,000.00
Taxes and Licenses 9,000.00
Depreciation Expense -
Amortization Expense -
TOTAL 1,356,460.00 1,356,460.00
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