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COMPREHENSIVE PROBLEM \"Your Health is Our Wealth Alternative Medical Clinic" is a company owned and managed by Dr. Indian Jones. The clinic had the following transactions completed during the 1* quarter of 2019. The company uses a Calendar Accounting Cycle that ends at Dec. 31. CHART OF ACCOUNTS YOUR HEALTH IS OUR WEALTH ALTERNATIVE MEDICAL CLINIC ASSETS CURRENT ASSETS 100 Cash 110 Accounts Receivable 115 Allowance for Doubtful Accounts 120 Accrued Interest Receivable FUNDAMENTALS OF ACCOUNTING OUTLINE NOTES 120 Notes Receivable 130 Prepaid Medical Supplies 140 Prepaid Office Supplies 150 Prepaid Rent 160 Prepaid Advertising NON-CURRENT ASSETS 200 Other Receivables 210 Furniture and Fixtures 215 Accumulated Depreciation Fur and Fix. 220 Medical Equipment 225 Accumulated Depreciation Med. Equip. 230 Office Equipment 235 Accumulated Depreciation Office Equip. 240 Other Non-Current Assets EXPENSES 610 Salaries Expense 620 Communications Expense 630 Utilities Expense 640 Medical Supplies Expense 650 Office Supplies Expense 650 Advertising Expense 660 Rent Expense 670 Interest Expense 680 Depreciation Expense 690 Employer Mandatory Contributions Expense 700 Doubtful Accounts Expense 710 Repairs and Maintenance Expense 720 Other Miscellaneous Expense BEGINNING BALANCES: Cash 125,000 Accounts Receivable 15,000 Prepaid Medical supplies 8,600 Prepaid Office supplies 1,400 Medical Equipment 500,000 Less: Accumulated Dep'n Med. Eq. (90,000) TOTAL ASSETS LIABILITIES CURRENT LIABILITIES 300 Accounts Payable 310 Notes Payable 320 Mandatory Contributions Payable 330 Income Taxes Payable Prepared by: Dalifer A. Gano,CPA,MBA MAEd 340 Accrued Adverting Payable 350 Accrued Rent Payable 360 Accrued Salaries Payable 370 Accrued Interest Payable 380 Accrued Communications Payable 390 Accrued Utilities Payable 400 Unearned Consultancy Fees NON-CURRENT LIABILITIES 420 Loans Payable 430 Other Non-Current Liabilities CAPITAL AND DRAWINGS 510 Jones, Capital 515 Jones, Drawings 520 Income and Expense Summary REVENUES 800 Medical Fees 810 Interest Income 820 Other Miscellaneous Income Accounts Payable 28,000 Notes Payable 8,200 Accrued Rent Payable 10,000 Accrued Utilities Payable 1,800 Unearned Medical fees 12,000 Jones, Capital TOTAL LIABILITIES AND CAPITAL 560,000 TRANSACTIONS for the 1" Quarter (Jan. 1 to March 31, 2019) Jan 1 Dr. Jones invested additional cash of P 50,000 and hi-tech surgery equipment worth P 560,000 to the clinic. Jan 3 The clinic buys a set of chairs, tables, beds and cabinets totaling P 175,000 on account from Matibay Woodworks Co. Terms, P 75,000 down payment and the balance to be paid every month for the next 5 month evidenced by a promissory note with 12% interest. Jan 4 The clinic pays P 3,700 for lab gowns, beddings, face masks, curtains and other medical supplies purchased from Quack Doc Medical Supplies Inc. Jan 5 Received P 32,000 from various patients/clients for medical consultation services rendered. Jan 6 Pays the rent for December of last year, P 10,000. Jan 7 Pays the electricity and water bill for December of last year P 1,800. Jan 8 The company buys a telephone with fax machine worth P 21,000 for cash from MS Department store. Jan 10 The clinic performed surgery worth P 10,000 to Ms. Almu Ranas on account. Jan 12 Paid P 2,500 to a local newspaper for advertisement to be published next month February. Jan 13 Successfully completed the Operation for Mr. Domeki Sukiyaki, a patient last month whose scheduled surgery was postponed until today. He has paid P 12,000.00 advance payment last year December. Jan 15 Pays the salary of the employee (receptionist/secretary) for the 1" half of the month, P 8,000 less SSS, PhilHealth and PAG-IBIG deductions amounting to P 450, 350 and 100 respectively. The SSS, PhilHealth and PAG- IBIG Employer share is P 550, 350 and 100 respectively. It will be remitted to the government agencies on Feb. 2. Jan 18 Pays P 15,000 account owed to Medecina Inc. for medical supplies purchased last month. Jan 23 Dr. Jones withdraws P 15,000 for the personal use. Jan 24 Received P 25,000 from Mr. Fatty as advance payment for a gall stone removal procedure scheduled next month. Jan 25 Receives P 5,000 from Mr. Domeki as settlement of his account for medical services rendered to him last Dec. 13 Jan 26 The electricity bill amounting to P 1,200 & water bill of P 500 is received and paid. Jan 27 The telephone bill amounting to P 2,999 is received and will be paid on its due date on Feb. 10. Jan 28 Pays the rent for January, P 10,000. Jan 29 The clinic pays P 1,000 for the repair of a damaged medical equipment.FUNDAMENTALS OF ACCOUNTING OUTLINE NOTES Prepared by: Dalifer A. Gano,CPA,MBA MAEd Jan 31 Pays the salary of the employee (receptionist/secretary) for the 2 half of the month, P 8,000 less income tax withheld of P 500. Feb1l The company pays the first monthly installment for the furniture and fixtures purchased from Matibay Woodworks Co. last Jan. 3. Feb 2 The employer and employee SSS, PhilHealth and PAG-IBIG contributions and the Income Tax withheld are remitted/paid to the government agencies. Feb 3 The clinic buys various office supplies on credit totaling P 2,500 from Papel Bookstore. Feb4 The performs acupuncture services for Ms. Tisa Filipina for P 4,300. She intends to pay after 2 months. Feb 5 Pays the rent for the month of February, P 10,000. Feb 10 Pays the telephone bill to DIGITEL, P 2,999.. Feb 11 The clinic collected the full payment of Ms. Almu Ranas of P 10,000 in relation to the transaction last Jan. 10. Feb 13 The clinic billed Mr. Backpain. for an operation procedure rendered, P 50,000. He issued a promissory note payable after 1 month. Feb 14 Loaned P 500,000.00 from Metro de Oro Bank evidenced by a formal loan agreement payable after 2 years with 12% interest per annum.. Feb 15 Pays the salary of the employee (same deductions as in January). The SSS, PHIC and PAG-IBIG share of the company is the same amount as January. Feb 17 Received P 19,000 from various patients/clients for medical consultation services rendered. Feb 20 Received the BENECO bill amounting to P 1,750 and water bill amounting to P 500. It will be paid next week Feb 26 Paid the telephone bill received from DIGITEL amounting to P 2,000. Feb 28 Salaries of the employees for the month of February is paid totaling P 25,000 (same deductions of income tax as January) Feb 28 The second installment payment for the purchased furniture and fixture is made. Mar 1 The employer and employee SSS, PhilHealth and PAG-IBIG contributions and the Income Tax withheld are remitted/paid to the government agencies. Mar 1 The clinic successfully replaces the left radius and ulna bones of Mr. Marco Pasikat with titanium steel. His left arm bones were crushed during a motorcycle accident. His total bill is P 250,000. He pays P 50,000 and issued a promissory note with 10% annual interest for the balance payable after 6 months. Mar 2 The company settles the account to Papel Bookstore. Mar 3 Paid the P 5,000.00 advertisement in advance to D-Lite radio station for a duration of 2 months (February and March). Mar 4 The scheduled surgery for the removal of gall stones of Mr. Fatty was re-scheduled next week as Mr. Fatty is having a flu. Mar 5 Pays the electricity and water bills for February. Mar 6 The clinic completes 10 sessions of acupuncture services for Ms. Zen Buday that started last January. She pays P 10,000. Mar 8 The clinic purchases various medical supplies on account amounting to P 16,700 from Quack Doc Medical Supplies Inc. Mar 9 Receives P 22,000 as advance payment from Mr. Boogie for an operation to remove a cyst scheduled next month. Mar 15 Pays the salary of the employee (same deductions as in January). The SSS, PHIC and PAG-IBIG share of the company is the same amount as prior months. Mar 16 The clinic successfully removes the gall stones of Mr. Fatty (re-scheduled today) Mar 25 Received a bill from BENECO amounting to P 1,733.50 and water bill of P 500. The company will pay the bill on its due date Apr. 10. Mar 26 Received and paid the telephone bill from DIGITEL amounting to P 2,805.25. Mar 29 The clinic pays half of the amount owed to Quack Doc Medical Supplies in relation to the transaction last Mar 8. Mar 30 Ms. Mar-Mari contacted the clinic for a medical procedure appointment the next day (Mar. 31). Mar 31 Salaries of employees for March are yet to be paid, as today is a holiday. It shall be paid on Apr. 2. Deduction of withholding tax is the same amount as the previous months. Mar 31 The third installment payment for the purchased furniture and fixture is made. REQUIRED: i. RECORD ALL REGULAR TRANSACTIONS FOR THE QUARTER AS FOLLOWS: a. Journalize the all transactions for the first quarter 2019. (use a 2 column worksheet) b. Post the entries in the ledger. c. Prepare the Unadjusted Trial Balance. ii. ADJUSTING ENTRIES a. Record adjusting entries based on the following additional information below. = The salvage/residual value of the Furniture and fixtures is P 10,000; 1,000 for the office equipment and 60,000 for the new medical equipment. The salvage/residual value of the medical equipment acquired before is P 50,000.00. It is the company policy to record 1 whole year depreciation on the year of acquisition for property, plant and equipment (PPE) regardless of acquisition date within the year. The useful lives of the assets is as follows: Furniture and Fixtures 15 years Medical Equipment 10 years Office Equipment 5 years = As of Mar. 31, the inventory of all medical supplies and office supplies show unused items worth P 1,200.00, and 400, respectively. = Adjust/record other accruals/prepayments necessary o Interest expense 0 Rent 0 Advertising b. Post the Adjusting entries in the ledger c. Prepare the Adjusted Trial Balance. iii. CLOSING ENTRIES a. Prepare the closing entries for the quarter. (Assuming that a quarterly financial report will be prepared) b. Post the Closing entries in the ledger c. Prepare the Post-closing Trial Balance d. Double Rule Nominal/Temporary/Suspense Ledger Accounts. iv. PREPARE THE WORKSHEET (make use of 10 column worksheet) v. PREPARE THE FOLLOWING BASIC FINANCIAL STATEMENTS: a. BALANCE SHEET (Statement of Financial Position) b. INCOME STATEMENT (Statement of Comprehensive Income) c. STATEMENT OF CHANGES IN CAPITAL