FRETCHIE ANNE C.

LAURO 1BSACCOUNTANCY-A
Complete Accounting Process for Dr. Nick Marasigan, a medical practitioner

JOURNAL
Date ACCOUNT TITLES AND EXPLANATIONS
1 2020
2 1-Oct Cash
3 Marasigan, Capital
4 To record initial investment.
5
6 Medical Building
7 Land
8 20% Notes Payable
9 Cash
10 To record acquired medical clinic and land with issued notes payable and cash pay
11
12 Medical Equipment
13 Medical Supplies
14 24% Notes Payable
15 Cash
16 To record acquired medical equipment and medical supplies with issued notes pay
17
18 2-Oct Prepaid Insurance
19 Cash
20 To record acquired ''all-in-one'' insurance.
21
22 4-Oct Cash
23 Medical Revenues
24 To record received cash from services rendered.
25
26 7-Oct Medical Supplies
27 Accounts Payable
28 To record purchase of medical supplies on account.
29
30 10-Oct Salaries Expense
31 Cash
32 To record paid salaries to the employees.

JOURNAL
Date ACCOUNT TITLES AND EXPLANATIONS
 1 2020
2 12-Oct Cash
3 Unearned Research Revenues
4 To record received cash for servie to be rendered.
5
6 18-Oct Accounts Receivable
7 Medical Revenues
8 To record billed patients for services rendered.
9
10 21-Oct Repairs Expense
11 Cash
12 To record payment for repairs of equipment.
13
14 23-Oct Telephone Expense
15 Cash
16 To record payment of the telephone bill.
17
18 24-Oct Medical Equipment
19 Accounts Payable
20 To record purchase of medical equipment on account.
21
22 25-Oct Cash
23 Accounts Receivable
24 To record collection form patients billed on the 18th
25
26 27-Oct Accounts Payable
27 Cash
28 To record payment of account to San Pablo Supply
29
30 30-Oct Marasigan, Withdrawal
31 Cash
32 To record withdrawal.
33
34 Association dues Expense
35 Cash
36 To record payment of dues to Laguna Medical Association
 J-1
LANATIONS P.R. DEBIT CREDIT

110 250,000
310 250,000

160 1,000,000
150 250,000
220 1,200,000
110 50,000
ed notes payable and cash payment.

170 420,000
130 39,000
210 400,000
110 59,000
upplies with issued notes payable and cash payment

140 20,000
110 20,000

110 117,000
410 117,000

130 17,000
230 17,000

510 73,000
110 73,000

J-2
LANATIONS P.R. DEBIT CREDIT
110 90,000
260 90,000

120 317,000
410 317,000
220

530 23,000
110 23,000

560 3,000
110 3,000

170 45,000
230 45,000

110 113,000
120 113,000

230 13,000
110 13,000

320 100,000
110 100,000

550 15,000
110 15,000
T-accounts

ASSETS

Cash Cash 110

1-Oct 250,000 50,000 1-Oct
4 117,000 59,000 1
12 90,000 20,000 2
25 113,000 73,000 10
23,000 21
3,000 23
13,000 27
200,000 30
15,000 30
570,000 456,000
114,000

Accounts Receivabl 120

18-Oct 317,000 113,000 27-Oct
204,000

Medical Supplies 130

1-Oct 39,000
7 17,000
56,000

Prepaid Insurance 140

2-Oct 20,000
 Land 150
1-Oct 250,000

Medical Building 160

1-Oct 250,000

Medical Equipment 170

1-Oct 420,000
24 45,000
465,000
 LIABILITIES

24% Notes Payable 210

400,000 1-Oct
Marasigan, Cap

20% Notes Payable 220

1,200,000 1-Oct
Marasigan, Withdra
30-Oct

Accounts Payable 230

17-Oct 13,000 17,000 7-Oct
45,000 24-Oct
13,000 62,000
49,000

Medical Revenu
Unearned Research Revenue 260 4-Oct
1,200,000 1-Oct 18

Salaries Expen
10-Oct
21-Oct

Association Dues Expen

30-Oct

23-Oct
 Dr. Nick Marasigan
OWNER'S EQUITY Trial Balance
For the Month Ended October 2020

Marasigan, Capital 310 Cash

250,000 1-Oct Accounts Receivable
Medical Supplies
Prepaid Insurance
Land
Marasigan, Withdrawal 320 Medical Building
200,000 Medical Equipment
24% Notes Payable
20% Notes Payable
Accounts Payable
Uneraned Research Revenues
Association Dues Expense
INCOME Telephone Expense
Marasigan, Capital
Medical Revenues 410 Marasigan, Withdrawal
117,000 Medical Revenues
317,000 Salaries Expense
434,000 Repairs Expense
TOTAL

EXPENSES

Salaries Expense 510

73,000
 Repairs Expense 530
21,000

Association Dues Expense 550

15,000

Telephone Expense 560

3,000
Dr. Nick Marasigan
Trial Balance
onth Ended October 2020

P114,000
204,000
56,000
20,000
250,000
1,000,000
465,000
P400000
1,200,000
49,000
90,000
15,000
3,000
250,000
200,000
434,000
73,000
23,000
2,423,000 2,423,000
ADJUSTMENTS

Date ACCOUNT TITLES P.R. DEBIT

a. 31-Oct Insurance Expense 520 1666.67
Prepaid Insurance 140

b. Supplies Expense 540 35,000

Medical Supplies 130

c. Depreciation Expense- Building 570 5,000

Accumulated Depreciation-Building 165
Depreciation Expense-Equipment 580
Accumulated Depreciation-Equipment 175 9,000

d. Unearned Research Revenues 260 30,000

Research Revenues 420

e. Salaries Expense 510 51,000

Salaries Payable 240

f. Interest Expense 590 28,000

Interest Payable 250
DEBIT CREDIT

1,666.67

35,000

5,000

9,000

30,000

51,000

28,000
 DR. NICK MARASIGAN
WORKSHEET
FOR THE MONTH ENDED OCTOBER 2020
TRIAL BALANCE ADJUSTMENTS
ACCOUNT TITLE 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
Accumulated Dep. - Medical Bldg. c 5,000
Medical Equipment 465,000
Accumulated Dep. -Medical Equip. c 9,000
24% Notes Payable 400,000
20% Notes Payable 1,200,000
Accounts Payable 49,000
Salaries Payable e 51,000
Interest Payable f 28,000
Unearned Research Revenues 90,000 d 30,000
Marasigan, Capital 250,000
Marasigan, Withdrawal 200,000
Income Summary
Medical Revenues 434,000
Research Revenues 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 - Bldg c 5,000
Depreciation Expense- Equip. c 9,000
Interest Expense f 28,000
TOTALS P2,423,000 P2,423,000 159,666.67 159,666.67
PROFIT
 DEBIT
1,666.67

35,000

5,000

9,000

30,000

51,000

28,000
 ARASIGAN
HEET
DED OCTOBER 2020
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
114,000 114,000
204,000 204,000
21,000 21,000
18,333.33 18,333.33
250,000 250,000
1,000,000 1,000,000
5,000 5,000
465,000 465,000
9,000 9,000
400,000 400,000
1,200,000 1,200,000
49,000 49,000
51,000 51,000
28,000 28,000
60,000 60,000
250,000 250,000
200,000 200,000

434,000 434,000
30,000 30,000
124,000 124,000
1,666.67 1,666.67
23,000 23,000
35,000 35,000
15,000 15,000
3,000 3,000
5,000 5,000
9,000 9,000
28,000 28,000
2,516,000 2,516,000.00 243,666.67 P464,000 P2,272,333.33 P2,052,000
220,333.33 220,333.33
P464,000 P464,000 P2,272,333.33 P2,272,333.33
CREDIT

1,666.67

35,000

5,000

9,000

30,000

51,000

28,000
 T-accounts for Adjustments

Insurance Expense 520 Depreciation Expense-Bldg.

31-Oct 1,666.67 31-Oct 5,000.00

Prepaid Insurance 140 Accumulated Depreciation-

1,666.67 31-Oct

Supplies Expense 540 Depreciation Expense-Equipment

31-Oct 35,000 31-Oct 35,000

Medical Supplies 130 Accumulated Depreciation- Equipment

35,000 31-Oct

Dr. Nick Marasigan

Adjusted Trial Balance
For the Month Ended October 2020

Cash 114,000
Accounts Receivable 204,000
Medical Supplies 21000
Prepaid Insurance 18,333.33
Land 250,000
Medical Building 1,000,000
Accumulated Dep. - Medical Bldg. 5,000
Medical Equipment 465,000
Accumulated Dep. -Medical Equip. 9,000
24% Notes Payable 400,000
20% Notes Payable 1,200,000
Accounts Payable 49,000
Salaries Payable 51,000
Interest Payable 28,000
Unearned Research Revenues 60,000
Marasigan, Capital 250,000
Marasigan, Withdrawal 200,000
Income Summary
Medical Revenues 434,000
Research Revenues 30,000
Salaries Expense 124,000
Insurance Expense 1,666.67
Repairs Expense 23,000
Supplies Expense 35,000
Association Dues Expense 15,000
Telephone Expense 3,000
Depreciation Expense - Bldg 5,000
Depreciation Expense- Equip. 9,000
Interest Expense 28,000
TOTAL 2,516,000 2,516,000
ation Expense-Bldg. 570 Unearned Research Revenues 260
31-Oct 30,000.00 Interest Expe
31-Oct

Building 165 Research Revenues 420

1,666.67 31-Oct 30,000.00 31-Oct Interest Pa

xpense-Equipment 580 Salaries Expense 510

31-Oct 51,000

preciation- Equipment 175 Salaries Payable 240

35,000 31-Oct 51,000 31-Oct

Dr. Nick Marasigan

Post-Closing Trial Balance
For the Month Ended October 2020

Cash 114,000
Accounts Receivable 204,000
Medical Supplies 21,000
Prepaid Insurance 18,333.33
Land 250,000
Medical Building 1,000,000
Accumulated Dep. - Medical Bldg. 5,000
Medical Equipment 465,000
Accumulated Dep. -Medical Equip. 9,000
24% Notes Payable
20% Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Unearned Research Revenues
Marasigan, Capital
Marasigan, Withdrawal 200,000
Total P2,272,333.33
 Interest Expense 590
28,000.00

Interest Payable 250

28,000.00 31-Oct

400,000
1,200,000
49,000
 51,000
28,000
60,000
250,000

P2,272,333.33