Prepare a 10-coumn worksheet for the below transactions.

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Dr. nick Marasigan, upon completing a residency program at Harvard medical Center, established a medical
practice in San Pablo, Laguna. During October 2019, the first month of operations, the following transactions occurred:

1- Dr. Marasigan transferred P250,000 from his personal checking account to a bank account,
Dr, Nick Marasigan, M.D
1- A medical clinic, P1,000,000 and land, P250,000 were acquired by paying P50,000 in cash and
issuing a 5-year, 20% note payable (interest is payable every 6 months) for the P1,200,000 balance.

1- Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying
P59,000 cash and issuing a 24% note payable, maturing in 6 months,for the P400,000 balance.

2- Acquired ‘all-in-one” insurance for a year, P20,000.

4- Received cash from patients amounting P117,000.

7- Bought medical supplies on account from san Pablo supply, P17,000.

10- Paid salaries of nurses and office staff, P73,000.

12- Received P90,000 from the Laguna Experimental Drug Center for research to conducted by
Dr. Marasigan over the next 3 months.
18- Billed patients P317,000 for services rendered.

21- Paid P23,000 for repairs to the medical equipment.

23- Paid telephone bill, P3,000.

24- Bought medical equipment on account from Dr. De Leon, P45,000.

25- Collected P113,000 from patients billed on 18th

27- Paid P13,000 on account to San Pablo supply.

30- Withdrew P200,000 in cash from the medical practice.

30- Paid P15,000 dues to the Laguna Medical association.

a. Insurance for one month has expired. (20,000/12)=1,666

b. Medical supplies on hand at month-end amounted to P21,000.

c. Depreciation on the medical building and on the medical equipment is P5,000 and P9,000 respectively.

d. Unearned research revenues in the amount P30,000 have been earned.

e. Salaries of P51,000 have accrued.

f. Interest on the 20% and 24% notes are P20,000 and P8,000 respectively.
 Debit

Cash 250,000
Marasigan Capital
Medical Building 1,000,000
Land 250,000
Cash
20% Notes Payable
Medical Equipment 420,000
Medical Supplies 39,000
Cash
24% Notes Payable
Prepaid Insurance 20,000
Cash
Cash 117,000
Medical Revenues
Medical Supplies 17,000
Accounts Payable
Salaries Expense 73,000
Cash
Cash 90,000
Unearned Research Rev.
Account Receivable 317,000
Medical Revenues
Repairs Expense 23,000
Cash
Telephone Expense 3,000
Cash
Medical Equipment 45,000
Accounts Payable
Cash 113,000
Accounts Receivable
Accounts Payable 13,000
Cash
Marasigan, Withdrawals 200,000
Cash
Association Dues Expense 15,000
Cash
Insurance Expense 1,666
Prepaid Insurance
Supplies Expense 35,000
Medical Supplies
Depreciation Expense- Med. Building 5,000
Accumulated Depreciation-Med. Building
Depreciation Expense- Med. Equipment 9,000
Accumulated Depreciation-Med. Equipment
Unearned Research Revenues 30,000
Research Revenues
Salaries Expense 51,000
Salaries Payable
Interest Expense 28,000
Interest Payable
Medical Revenues 434,000
Research Revenues 30,000
Income Summary
Income Summary 243,666
Salaries Expense
Insurance Expense
Repairs Expense
Supplies Expense
Association Dues Expense
Telephone Expense
Depreciation Expense- Med. Building
Depreciation Expense- Med. Equipment
Interest Expense
Income Summary 220,333
Marasigan Capital
Marasigan Capital 200,000
Marasigan Withdrawals
Credit

250,000

50,000
1,200,000

59,000
400,000

20,000

117,000

17,000

73,000

90,000

317,000

23,000

3,000

45,000

113,000

13,000

200,000

15,000

1,666

35,000

5,000

9,000

30,000

51,000
 28,000

464,000

124,000
1,666
23,000
35,000
15,000
3,000
5,000
9,000
28,000

220,333

200,000
 Unadjusted Trial Balance Adjustments
Debit Credit Debit
Cash 114,000
Accounts Receivable 204,000
Medical Supplies 56,000
Prepaid Insurance 20,000
Land 250,000
Medical Building 1,000,000
Accumulated Depreciation- Medical Building
Medical Equipment 465,000
Accumulated Depreciation- Medical Equipment
24% Notes Payable 400,000
20% Notes Payable 1,200,000
Accounts Payable 49,000
Salaries Payable
Interest Payable
Unearned Research Revenues 90,000 30,000
Marasigan Capital 250,000
Marasigan Withdrawals 200,000
Medical Revenues 434,000
Research Revenues
Salaries Expense 73,000 51,000
Insurance Expense 1,666
Repairs Expense 23,000
Supplies Expense 35,000
Association Dues Expense 15,000
Telephone Expense 3,000
Depreciation Expense-Medical Building 5,000
Depreciation Expense-Medical Equipment 9,000
Interest Expense 28,000
2,423,000 2,423,000 159,666
Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Credit Debit Credit Debit Credit Debit Credit
114,000 114,000
204,000 204,000
35,000 21,000 21,000
1,666 18,333 18,333
250,000 250,000
1,000,000 1,000,000
5,000 5,000 5,000
465,000 465,000
9,000 9,000 9,000
400,000 400,000
1,200,000 1,200,000
49,000 49,000
51,000 51,000 51,000
28,000 28,000 28,000
60,000 60,000
250,000 250,000
200,000 200,000
434,000 434,000
30,000 30,000 30,000
124,000 124,000
1,666 1,666
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
159,666 2,516,000 2,516,000 243,666 464,000 2,272,333 2,052,000
220,333 220,333
464,000 464,000 2,272,333 2,272,333