Dr.

Nick Marasigan Medical Practice

Worksheet
For the Month ended October 31, 2021

Unadjusted Trial Balance

debit credit
110 Cash ₱ 114,000.00
120 Accounts Receivable 204,000.00
130 Medical Supplies 56,000.00
140 Prepaid Insurance 20,000.00
150 Land 250,000.00
160 Medical Building 1,000,000.00
165 Accumulated Depreciation-Medical Building
170 Medical Equipment 465,000.00
175 Accumulated Depreciation-Medical Equipment
210 24% Notes Payable ₱ 400,000.00
220 20% Notes Payable 1,200,000.00
230 Accounts Payable 49,000.00
240 Salaries Payable
250 Interest Payable
260 Unearned Research Revenue 90,000.00
310 Marasigan, Capital 250,000.00
320 Marasigan, Withdrawals 200,000.00
330 Income Summary
410 Medical Revenues 434,000.00
420 Research Revenues
510 Salaries Expense 73,000.00
520 Insurance Expense
530 Repairs Expense 23,000.00
540 Supplies Expense
550 Association Dues Expense 15,000.00
560 Telephone Expense 3,000.00
570 Depreciation Expense-Bldg.
580 Depreciation Expense-Equipt.
590 Interest Expense
₱ 2,423,000.00 ₱ 2,423,000.00
Profit
 Adjustments Adjusted Trial Balance Income Statement
debit credit debit credit debit credit
₱ 114,000.00
204,000.00
₱ 35,000.00 21,000.00
1,666.67 18,333.33
250,000.00
1,000,000.00
5,000.00 ₱ 5,000.00
465,000.00
9,000.00 9,000.00
400,000.00
1,200,000.00
49,000.00
51,000.00 51,000.00
28,000.00 28,000.00
₱ 30,000.00 60,000.00
250,000.00
200,000.00

434,000.00 ₱ 434,000.00
30,000.00 30,000.00 30,000.00
51,000.00 124,000.00 ₱ 124,000.00
1,666.67 1,666.67 1,666.67
23,000.00 23,000.00
35,000.00 35,000.00 35,000.00
15,000.00 15,000.00
3,000.00 3,000.00
5,000.00 5,000.00 5,000.00
9,000.00 9,000.00 9,000.00
28,000.00 28,000.00 28,000.00
₱ 159,666.67 ₱ 159,666.67 ₱ 2,516,000.00 ₱ 2,516,000.00 243,666.67 464,000.00
220,333.33
₱ 464,000.00 ₱ 464,000.00
 Balance Sheet
debit credit
₱ 114,000.00
204,000.00
21,000.00
18,333.33
250,000.00
1,000,000.00
₱ 5,000.00
465,000.00
9,000.00
400,000.00
1,200,000.00
49,000.00
51,000.00
28,000.00
60,000.00
250,000.00
200,000.00

2,272,333.33 2,052,000.00
220,333.33
₱ 2,272,333.33 ₱ 2,272,333.33
 date particulars
2021
Oct. 1 Cash

to record owner's initial investment

1 Medical Building
Land

To record cash paid and notes payable for purchased medical building and land

1 Medical Equipment
Medical Supplies

To record cash paid and notes payable for purchased medical equipment and supplies

2 Prepaid Insurance

To record payment for prepaid insurance

4 Cash

To record medical revenues from patients

7 Medical Supplies

to record medical supplies bough on account

10 Salaries Expense

to record paid salaries to nurses and office staff

12 Cash

to record advance payment for research services to laguna experimental drug center

18 Accounts Receivable

to record accounts receivable from medical services performed

21 Repairs Expense
 to record repairs expense for medical equipment

23 Telephone Expense

to record payment for telephone expense

24 Medical Equipment

to record bought medical equipment on account

25 Cash

to record received payments from a/r on oct 18

27 Accounts Payable

to record partial payment for accounts to san pablo supply

30 Marasigan, Withdrawals

to record withdrawals by marasigan

31 Association dues expense

to record payment for dues to laguna medical association

 particulars p.r

Cash 110
Marasigan, Capital 310
to record owner's initial investment

Medical Building 160

Land 150
Cash 110
20% Notes Payable 220
To record cash paid and notes payable for purchased medical building and land

Medical Equipment 170

Medical Supplies 130
Cash 110
24% Notes Payable 210
To record cash paid and notes payable for purchased medical equipment and supplies

Prepaid Insurance 140

Cash 110
To record payment for prepaid insurance

Cash 110
Medical Revenues 410
To record medical revenues from patients

Medical Supplies 130

Accounts Payable 230
to record medical supplies bough on account

Salaries Expense 510

Cash 110
to record paid salaries to nurses and office staff

Cash 110
Unearned Research Revenue 260
to record advance payment for research services to laguna experimental drug center

Accounts Receivable 120

Medical Revenues 410
to record accounts receivable from medical services performed

Repairs Expense 530

 Cash 110
to record repairs expense for medical equipment

Telephone Expense 560

Cash 110
to record payment for telephone expense

Medical Equipment 170

Accounts Payable 230
to record bought medical equipment on account

Cash 110
Accounts Receivable 120
to record received payments from a/r on oct 18

Accounts Payable 230

Cash 110
to record partial payment for accounts to san pablo supply

Marasigan, Withdrawals 320

Cash 110
to record withdrawals by marasigan

Association dues expense 550

Cash 110
to record payment for dues to laguna medical association
 page 1
debit credit

250,000.00
250,000.00

1,000,000.00
250,000.00
50,000.00
1,200,000.00

420,000.00
39,000.00
59,000.00
400,000.00

20,000.00
20,000.00

117,000.00
117,000.00

17,000.00
17,000.00

73,000.00
73,000.00

90,000.00
90,000.00

317,000.00
317,000.00

23,000.00
 23,000.00

3,000.00
3,000.00

45,000.00
45,000.00

113,000.00
113,000.00

13,000.00
13,000.00

200,000.00
200,000.00

15,000.00
15,000.00
Adjusting Entries

particulars
a. Insurance Expense
Prepaid Insurance
To recognize the expired portion from the prepaid insurance

b. Supplies Expense
Medical Supplies
To record medical supplies expense

c. Depreciation Expense-Bldg.
Depreciation Expense-Equipt.
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
To record depreciation for building and equipment at the end of the month

d. Unearned Research Revenues

Research Revenues
To recognize earned revenues

e. Salaries Expense
Salaries Payable
To record accrued salaries at the end of the month

f. Interest Expense (20% Notes Payable)

Interest Expense (24% Notes Payable)
Interest Payable (20% Notes Payable)
Interest Payable (24% Notes Payable)
To record interest payable from the notes issued on Oct. 01

Closing Entries

2021
Oct 31. Medical Revenues
Research Revenues
Income Summary

2021
Oct 31. Income Summary
Salaries Expense
 Insurance Expense
Repairs Expense
Supplies Expense
Association Dues Expense
Telephone Expense
Depreciation Expense-Bldg.
Depreciation Expense-Equipt.
Interest Expense

2021
Oct 31. Income Summary
Marasigan, Capital

2021
Oct 31. Marasigan, Capital
Marasigan, Withdrawals
 page 2
p.r debit credit
520 1,666.67
140 1,666.67

540 35,000.00
130 35,000.00

570 5,000.00
580 9,000.00
165 5,000.00
175 9,000.00

260 30,000.00
420 30,000.00

510 51,000.00
240 51,000.00

590 20,000.00
590 8,000.00
250 20,000.00
250 8,000.00

page 2

410 434,000.00
420 30,000.00
330 464,000.00

Income Summary
page 2 243,666.67 464,000.00

330 243,666.67 220,333.33 Profit

510 124,000.00
520 1,666.67
530 23,000.00
540 35,000.00
550 15,000.00
560 3,000.00
570 5,000.00
580 9,000.00
590 28,000.00

page 2

330 220,333.33
310 220,333.33

page 2

330 200,000.00
310 200,000.00
2021
Salaries Payable 51,000.00
Salaries Expense

2021
Interest Payable 28,000.00
Interest Expense
page 3

51,000.00

page 3

28,000.00
 A
Accounts: Cash
Date Explanation J.R.
2021
Oct. 1 owner's initial investment J-1
4 medical revenues J-1
12 advance payment for research services J-1
25 partial collection from accounts receivable J-1

Balance

Accounts: Accounts Receivable

Date Explanation J.R.
2021
Oct. 18 Medical revenues J-1

Balance

Accounts: Medical Supplies

Date Explanation J.R.
2021
Oct. 1 bought medical supplies for cash J-1
7 bought medical supplies on account J-1

Balance

Accounts: Prepaid Insurance

Date Explanation J.R.
2021
Oct. 2 acquired "all-in-one" insurance for one year J-1

Balance

Accounts: Land
Date Explanation J.R.
2021
 Oct. 1 acquired land for partial cash and notes payable J-1

Balance

Accounts: Medical Building

Date Explanation J.R.
2021
Oct. 1 acquired medical building for partial cash and notes payable J-1

Balance

Accounts: Accumulated Depreciation-Medical Building

Date Explanation J.R.
2021

Accounts: Medical Equipment

Date Explanation J.R.
2021
Oct. 1 acquired medical equipment for partial cash and notes payable J-1
24 acquired medical equipment on account

Balance

Accounts: Accumulated Depreciation-Medical Equipment

Date Explanation J.R.
2021

LIA
Accounts: 24% Notes Payable
Date Explanation J.R.
2021

Accounts: 20% Notes Payable

Date Explanation J.R.
2021
Accounts: Accounts Payable
Date Explanation J.R.
2021
Oct. 27 partial payment for med supplies bought on account J-1

Accounts: Salaries Payable

Date Explanation J.R.
2021
to reverse salaries payable account for the next accounting period J-3

Accounts: Interest Payable

Date Explanation J.R.
2021
to reverse interest payable account for the next accounting period J-3

Accounts: Unearned Research Revenues

Date Explanation J.R.
2021
Oct. 31 earned a month worth research revenue from laguna medical drug center J-2

OWNE
Accounts: Marasigan, Capital
Date Explanation J.R.
2021
Oct. 31 to close the withdrawals account to capital account J-2
Accounts: Marasigan, Withdrawals
Date Explanation J.R.
2021
Oct. 30 owner withdrew cash from the medical practice J-1

Balance

Accounts: Income Summary

Date Explanation J.R.
2021
Oct. 31 to close the expense accounts to income summary J-2
to close the income summary account balance to the owner's equity J-2

REV
Accounts: Medical Revenues
Date Explanation J.R.
2021
Oct. 31 to close the revenue accounts to income summary J-2

Accounts: Research Revenues

Date Explanation J.R.
2021
Oct. 31 to close the revenue accounts to income summary J-2

EXP
Accounts: Salaries Expenses
Date Explanation J.R.
2021
Oct. 10 paid salaries to nurses and office staff J-1
Oct. 31 accrued salaries at the end of the month J-2

Balance
Accounts: Insurance Expense
Date Explanation J.R.
2021
Oct. 31 expired insurance at the end of the month J-2

Balance

Accounts: Repairs Expense

Date Explanation J.R.
2021
Oct. 21 paid repairs for medical equipment J-1

Balance

Accounts: Supplies Expense

Date Explanation J.R.
2021
Oct. 31 used medical supplies at the end of the month J-2

Balance

Accounts: Association Dues Expense

Date Explanation J.R.
2021
Oct. 30 paid dues to laguna medical association J-1

Balance

Accounts: Telephone Expense

Date Explanation J.R.
2021
Oct. 23 paid telephone expenses for the month J-1

Balance

Accounts: Depreciation Expense-Bldg.

Date Explanation J.R.
2021
Oct. 31 depreciation expense for the med. building at the end of the month J-2

Balance

Accounts: Depreciation Expense-Equipt.

 Date Explanation J.R.
2021
Oct. 31 depreciation expense for the med. equipment at the end of the month J-2

Balance

Accounts: Interest Expense

Date Explanation J.R.
2021
Oct. 31 accrued interest from 20% notes payable at the end of the month J-2
accrued interest from 20% notes payable at the end of the month J-2

Balance
 ASSETS

Debit Date Explanation

2021
250,000.00 Oct. 1 partial payment for land and medical building
117,000.00 1 partial payment for med equipt. and med supplies
90,000.00 2 payment "all-in-one" insurance for one year
113,000.00 10 payment for salaries to nurses and office staff
21 payment for repairs for med equipt.
23 payment for telephone expense
27 partial payment for supplies bought on account
30 withdrawals by Marasigan
30 payment for association dues
570,000.00

114,000.00

Debit Date Explanation

2021
317,000.00 Oct. 25 Collection from Oct. 18 Revenues

204,000.00

Debit Date Explanation

2021
39,000.00 Oct. 31 used medical supplies at the end of the month
17,000.00
56,000.00

21,000.00

Debit Date Explanation

2021
20,000.00 Oct. 31 expired insurance at the end of the month

18,333.33

Debit Date Explanation

2021
 250,000.00

250,000.00

Debit Date Explanation

2021
1,000,000.00

1,000,000.00

Debit Date Explanation

2021
Oct. 31 Accumulated depreciation for Med. Bldg at the end of the month

Balance

Debit Date Explanation

2021
420,000.00
45,000.00

465,000.00

Debit Date Explanation

2021
Oct. 31 Accumulated depreciation for Med. Equipt. at the end of the month

Balance

LIABILITIES

Debit Date Explanation

2021
Oct. 1 acquired med supplies & med equipt. for partial cash and notes payable

Balance

Debit Date Explanation

2021
 Oct. 1 acquired med building & land for partial cash and notes payable

Balance

Debit Date Explanation

2021
13,000.00 Oct. 7 bought med supplies on account
24 bought med equipment on account
13,000.00

Balance

Debit Date Explanation

2021
51,000.00 accrued salaries at the end of the month

Balance

Debit Date Explanation

2021
28,000.00 Oct. 31 Accrued interest for the 20% Notes Payable at the end of the month
Oct. 31 Accrued interest for the 20% Notes Payable at the end of the month
28,000.00

Balance

Debit Date Explanation

2021
30,000.00 Oct. 12 unperformed research services to laguna experimental drug center

Balance

OWNER'S EQUITY

Debit Date Explanation

2021
200,000.00 Oct. 1 owner initial investment
Oct. 31 to close the income summary account to capital account
200,000.00
 Balance

Debit Date Explanation

2021
200,000.00 Oct. 31 to close the withdrawals account to capital account

Debit Date Explanation

2021
243,666.67 Oct. 31 to close the revenue accounts to income summary
220,333.33
464,000.00

Balance

REVENUES

Debit Date Explanation

2021
434,000.00 Oct. 4 received revenues from patients
18 revenue from billed patients
434,000.00

Balance

Debit Date Explanation

2021
30,000.00 Oct. 31 earned a month worth research revenue from laguna medical drug center

Balance

EXPENSES

Debit Date Explanation

2021
73,000.00 Oct. 31 to close the expense accounts to income summary
51,000.00
124,000.00

-
Debit Date Explanation
2021
1,666.67 Oct. 31 to close the expense accounts to income summary

Debit Date Explanation

2021
23,000.00 Oct. 31 to close the expense accounts to income summary

Debit Date Explanation

2021
35,000.00 Oct. 31 to close the expense accounts to income summary

Debit Date Explanation

2021
15,000.00 Oct. 31 to close the expense accounts to income summary

Debit Date Explanation

2021
3,000.00 Oct. 31 to close the expense accounts to income summary

Debit Date Explanation

2021
5,000.00 Oct. 31 to close the expense accounts to income summary

-
Debit Date Explanation
2021
9,000.00 Oct. 31 to close the expense accounts to income summary

Debit Date Explanation

2021
20,000.00 Oct. 31 to close the expense accounts to income summary
8,000.00
28,000.00

-
Account No. 110
J. R. Credit

J-1 50,000.00
J-1 59,000.00
J-1 20,000.00
J-1 73,000.00
J-1 23,000.00
J-1 3,000.00
J-1 13,000.00
J-1 200,000.00
J-1 15,000.00
456,000.00

Account No. 120

J. R. Credit

J-1 113,000.00

Account No. 130

J. R. Credit

J-2 35,000.00

35,000.00

Account No. 140

J. R. Credit

J-2 1,666.67

Account No. 150

J. R. Credit
Account No. 160
J. R. Credit

Account No. 165

J. R. Credit

J-2 5,000.00

5,000.00

Account No. 170

J. R. Credit

Account No. 175

J. R. Credit

J-2 9,000.00

9,000.00

Account No. 210

J. R. Credit

J-1 400,000.00

400,000.00

Account No. 220

J. R. Credit
 J-1 1,200,000.00

1,200,000.00

Account No. 230

J. R. Credit

J-1 17,000.00
45,000.00
62,000.00

49,000.00

Account No. 240

J. R. Credit

J-2 51,000.00

Account No. 250

J. R. Credit

J-2 20,000.00
J-2 8,000.00
28,000.00

Account No. 260

J. R. Credit

J-1 90,000.00

60,000.00

Account No. 310

J. R. Credit

J-1 250,000.00
J-2 220,333.33
470,333.33
 270,333.33

Account No. 320

J. R. Credit

J-2 200,000.00

Account No. 330

J. R. Credit

J-2 464,000.00

464,000.00

Account No. 410

J. R. Credit

J-1 117,000.00
J-1 317,000.00
434,000.00

Account No. 420

J. R. Credit

J-2 30,000.00

Account No. 510

J. R. Credit

J-2 124,000.00

124,000.00
Account No. 520
J. R. Credit

J-2 1,666.67

Account No. 530

J. R. Credit

J-2 23,000.00

Account No. 540

J. R. Credit

J-2 35,000.00

Account No. 550

J. R. Credit

J-2 15,000.00

Account No. 560

J. R. Credit

J-2 3,000.00

Account No. 570

J. R. Credit

J-2 5,000.00

Account No. 580

J. R. Credit

J-2 9,000.00

Account No. 590

J. R. Credit

J-2 28,000.00

28,000.00
 Post-Closing Trial Balance
debit credit
Cash ₱ 114,000.00
Accounts Receivable 204,000.00
Medical Supplies 21,000.00
Prepaid Insurance 18,333.33
Land 250,000.00
Medical Building 1,000,000.00
Accumulated Depreciation-Medical Building ₱ 5,000.00
Medical Equipment 465,000.00
Accumulated Depreciation-Medical Equipment 9,000.00
24% Notes Payable 400,000.00
20% Notes Payable 1,200,000.00
Accounts Payable 49,000.00
Salaries Payable 51,000.00
Interest Payable 28,000.00
Unearned Research Revenue 60,000.00
Marasigan, Capital 270,333.33
₱ 2,072,333.33 ₱ 2,072,333.33
 Dr. Nick Marasigan Medical Practice Dr. Nick M
Income Statement Statem
For the Month ended October 31, 2021 For the Mo

Revenues Marasigan, Capital 10/1/2021

Medical Revenues 434,000.00 Add: Owner's Contribution
Research Revenues 30,000.00 Profit
Total 464,000.00 Total
Less: Withdrawals
Expenses Marasigan, Capital 10/31/2021
Salaries Expense 124,000.00
Insurance Expense 1,666.67
Repairs Expense 23,000.00
Supplies Expense 35,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense-Bldg. 5,000.00
Depreciation Expense-Equipt. 9,000.00
Interest Expense 28,000.00
Total 243,666.67

Profit 220,333.33
 Dr. Nick Marasigan Medical Practice Dr. Nick Marasiga
Statement of Changes in Equity Balanc
For the Month ended October 31, 2021 Octobe

sigan, Capital 10/1/2021 250,000.00 As

Owner's Contribution Current Assets
220,333.33 220,333.33 Cash
470,333.33 Accounts Receivable
Withdrawals - 200,000.00 Medical Supplies
sigan, Capital 10/31/2021 270,333.33 Prepaid Insurance
Total Current Assets
Property and Equipment (Net)
Land
Building
Less: Accumulated Depreciation-Building
Equipment
Less: Accumulated Depreciation-Equipment
Total Assets

Liabilities
Current Liabilities
24% Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Unearned Research Revenue
Total Current Liabilities
Non-Current Liabilities
20% Notes Payable
Total Non-Current Liabilities
Total Liabilities
Equity
Marasigan, Capital 10/31/2021
Total Liabilities and Equity
 Dr. Nick Marasigan Medical Practice
Balance Sheet
October.31, 2021

Assets

114,000.00
204,000.00
21,000.00
18,333.33
357,333.33

250,000.00
1,000,000.00
ciation-Building - 5,000.00 995,000.00
465,000.00
ciation-Equipment - 9,000.00 456,000.00 1,701,000.00
2,058,333.33

Liabilities and Equity

400,000.00
49,000.00
51,000.00
28,000.00
60,000.00
588,000.00

1,200,000.00
1,200,000.00
1,788,000.00

270,333.33
2,058,333.33