On February 2020, Marlon Balista started his medical services in practice. During the month the following...
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On February 2020, Marlon Balista started his medical services in practice. During the month the following transactions were completed: FEBRUARY 1. Mr. Balista invested P150,000 in a new bank account in the name of Marlon Balista, M.D. 3. Purchased medical equipment costing P62.000, paying P20,000 cash and the balance on notes payable. 4. Bought medical supplies for cash, P12,000. 7. Paid rent for the month, P6,000. 8. Received P15,000 for medical services rendered. 10. Acquired table & chairs on account, P8,500 13. Billed medical services to a client, P34,000 15. Paid salaries to employees, P26,400 17. Paid another doctor for preparing laboratory services on a patient, P3,000 20. Paid creditors on account, P2,500 22. Paid insurance premium for the quarter, P4,700. 23. Paid miscellaneous expenses, P2,200. 25. Received P34,000 from patient on account. 27. Paid salaries of medical technician and other employees, P58,50 28. Received cash from cash patients, P68,500 INSTRUCTIONS: 1. Prepare jojunal entries on the above transactions. 2. Post the entries to the ledger. Use the following account titles given: Cash, 11; Accounts receivable, 12; Medical supplies, 13; Medical equipment, 14; Furniture & Fixtures, 15; Notes payable, 21; accounts payable, 22;Balista, Capital, 31, Balista, Drawing, 32; Medical revenues, 41; Salary expense, 51; Rent expense, 52; Laboratory expense, 53; Utilities Expense, 54; Insurance expense, 55; and Miscellaneous expense, 58. 3. Prepare a TRIAL BALANCE for the month. On February 2020, Marlon Balista started his medical services in practice. During the month the following transactions were completed: FEBRUARY 1. Mr. Balista invested P150,000 in a new bank account in the name of Marlon Balista, M.D. 3. Purchased medical equipment costing P62.000, paying P20,000 cash and the balance on notes payable. 4. Bought medical supplies for cash, P12,000. 7. Paid rent for the month, P6,000. 8. Received P15,000 for medical services rendered. 10. Acquired table & chairs on account, P8,500 13. Billed medical services to a client, P34,000 15. Paid salaries to employees, P26,400 17. Paid another doctor for preparing laboratory services on a patient, P3,000 20. Paid creditors on account, P2,500 22. Paid insurance premium for the quarter, P4,700. 23. Paid miscellaneous expenses, P2,200. 25. Received P34,000 from patient on account. 27. Paid salaries of medical technician and other employees, P58,50 28. Received cash from cash patients, P68,500 INSTRUCTIONS: 1. Prepare jojunal entries on the above transactions. 2. Post the entries to the ledger. Use the following account titles given: Cash, 11; Accounts receivable, 12; Medical supplies, 13; Medical equipment, 14; Furniture & Fixtures, 15; Notes payable, 21; accounts payable, 22;Balista, Capital, 31, Balista, Drawing, 32; Medical revenues, 41; Salary expense, 51; Rent expense, 52; Laboratory expense, 53; Utilities Expense, 54; Insurance expense, 55; and Miscellaneous expense, 58. 3. Prepare a TRIAL BALANCE for the month.
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SOLUTION 1 Journal Entries Feb 1 Cash 11 150000 Balista Capital 31 150000 Investment of P150000 in a new bank account Feb 3 Medical Equipment 14 62000 Notes Payable 21 42000 Cash 11 20000 Purchase of ... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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