Oct

1 Cash 110 250,000.00

Marasigan, Capital 310 250,000.00
to record initial cash investment

1 Medical Clinic 160 1,000,000.00

Land 150 250,000.00
Cash 110 50,000.00
20% Notes Payable 220 1,200,000.00
to record purchaase of land and
building with a 5-year, 20% note
payable

1 Medical Equipment 170 420,000.00

Medical Supplies 130 39,000.00
Cash 110 59,000.00
24% Notes Payable 210 400,000.00
to record purchase of equipment
and supplies with a 6-month, 24%
note payable

2 Prepaid Insurance 140 20,000.00

Cash 110 20,000.00
to record purchase of 1-year
all-in-one insurance

4 Cash 110 117,000.00

Medical Revenues 410 117,000.00
to record medical revenue

7 Medical Supplies 130 17,000.00

Accounts Payable 230 17,000.00
purchased medical supplies on
account from San Pablo Supply

10 Salaries Expense 510 73,000.00

Cash 110 73,000.00
paid salaries

12 Cash 110 90,000.00

Unearned Research Revenues 260 90,000.00
advance payment by Laguna
Experimental Drug Research for
research
18 Accounts Receivable 120 317,000.00
 Medical Revanues 410 317,000.00
billed customers for service rendered

21 Repairs Expense 530 23,000.00

Cash 110 23,000.00
paid for repair services for medical
equipment

23 Telephone Expense 560 3,000.00

Cash 110 3,000.00
paid for telephone bill

24 Medical Equipment 170 45,000.00

Accounts Payable 230 45,000.00
bought medical equipment on
account from Dr. De Leon

25 Cash 110 113,000.00

Accounts Receivable 120 113,000.00
collected from patients billed on
the 18th

27 Accounts Payable 230 13,000.00

Cash 110 13,000.00
partial payment to San Pablo Supply

30 Marasigan, Withdrawals 320 200,000.00

Cash 110 200,000.00
withdrew from medical practice

30 Association Dues Expense 550 15,000.00

Cash 110 15,000.00
a Insurance Expense 520
Prepaid Insurance 140
to record expired portion of prepaid
insurance

b. Supplies Expense 540

Medical Supplies 130
to record nagamit

c. Depreciation Expense - Building 570

Depreciation Expense - Equipment 580
Accumulated Depreciation - Medical Building 165
Accumulated Depreciation - Medical Equipment 175
to record depreciation of building and equipment
for the month

d Unearned Research Revenues 260

Research Revenues 420
to recognize earned portion

e Salaries Expense 510

Salaries Payable 240
to record ___

f Interest Expense 590

Interest Payable for 24% note payable 250
Interest Payable for 20% note payable

Medical Revenues 410

Research Revenues 420
Income Summary 330
to close credit accounts to income summary

Income Summary 330

Salaries Expense 510
Insurance Expense 520
Repairs Expense 530
Supplies Expense 540
Association Dues Expense 550
Telephone Expense 560
Depreciation Expense - Building 570
Depreciation Expense - Equipment 580
Interest Expense 590
to close debit accounts to income summary
Income Summary 330
Marasigan, Capital 310
to close income summary account to capital

Marasigan, Capital 310

Marasigan, Withdrawal 320
to close withdrawal account to capital account
 1,666.66
1,666.66 Salaries Payable
Salaries Expense

35,000.00 Interest Payable

35,000.00 Interest Expense

5,000.00
9,000.00
5,000.00
9,000.00

30,000.00
30,000.00

51,000.00
51,000.00

28,000.00
8,000.00
20,000.00

434,000.00
30,000.00
464,000.00

243,666.66
124,000.00
1,666.66
23,000.00
35,000.00
15,000.00
3,000.00
5,000.00
9,000.00
28,000.00
220,333.34
220,333.34

200,000.00
200,000.00
Salaries Payable 51,000.00
Salaries Expense 51,000.00
reversing entry

Interest Payable 28,000.00

Interest Expense 28,000.00
reversing entry
 CASH 110
DATE EXPLANATION J.R. DEBIT DATE
Oct-01 initial investment 1 250,000.00 Oct-01
Oct-04 medical revenue 1 117,000.00 Oct-01
Oct-12 advance payment from Laguna Experimental Drug Center 1 90,000.00 Oct-02
Oct-25 collected from oct. 18 billed patients 1 113,000.00 Oct-10
Oct-21
Oct-23
Oct-27
Oct-30
Oct-30
570,000.00
- 456,000.00
114,000.00

ACCOUNTS RECEIVABLE 120

DATE EXPLANATION J.R. DEBIT DATE
Oct-18 billed patients 1 317,000.00 Oct-25
- 113,000.00
204,000.00

MEDICAL SUPPLIES 130

DATE EXPLANATION J.R. DEBIT DATE
Oct-01 purchased medical supplies with 24% note payable 1 39,000.00 b
Oct-07 purchased medical supplies on account from San Pablo S 1 17,000.00
56,000.00
- 35,000.00
21,000.00

PREPAID INSURANCE 140

DATE EXPLANATION J.R. DEBIT DATE
Oct-02 purchassed 1-year all-in-one insurance 1 20,000.00 a
- 1,666.66
18,333.34

LAND 150
DATE EXPLANATION J.R. DEBIT DATE
Oct-01 purchased land with 20% note payable 1 250,000.00

MEDICAL BUILDING 160

DATE EXPLANATION J.R. DEBIT DATE
Oct-01 purchased medical clinic wih 20% note payable 1 1,000,000.00

ACCUMULATED DEPRECIATION - BUILDING 165

DATE EXPLANATION J.R. DEBIT DATE
c

MEDICAL EQUIPMENT 170

DATE EXPLANATION J.R. DEBIT DATE
Oct-01 purchased medical equipment with 24% note payable 1 420,000.00
Oct-24 purchased medical equipment on account from Dr. De Le 1 45,000.00
465,000.00

ACCUMULATED DEPRECIATION - MEDICAL EQUIPMENT 175

DATE EXPLANATION J.R. DEBIT DATE
c

24% NOTES PAYABLE 210

DATE EXPLANATION J.R. DEBIT DATE
Oct-01

20% NOTES PAYABLE 220

DATE EXPLANATION J.R. DEBIT DATE
Oct-01

ACCOUNTS PAYABLE 230

DATE EXPLANATION J.R. DEBIT DATE
Oct-27 partial payment made to San Pablo Supply 1 13,000.00 Oct-07
 Oct-24
13,000.00
- 13,000.00
-

SALARIES PAYABLE 240

DATE EXPLANATION J.R. DEBIT DATE
Oct-31 reversing entry 3 51,000.00 e
- 51,000.00
-

INTEREST PAYABLE 250

DATE EXPLANATION J.R. DEBIT DATE
Oct-31 reversing entry 3 28,000.00 f
- 28,000.00
-

UNEARNED RESEARCH REVENUES 260

DATE EXPLANATION J.R. DEBIT DATE
d. earned portion 2 30,000.00 Oct-12
- 30,000.00
-

MARASIGAN, CAPITAL 310

DATE EXPLANATION J.R. DEBIT DATE
Oct-31 to close withdrawal to capital 2 200,000.00 Oct-01
 Oct-31
200,000.00
- 200,000.00
-

MARASIGAN, WITHDRAWALS 320

DATE EXPLANATION J.R. DEBIT DATE
Oct-30 withdrew cash from medical practice 1 200,000.00 Oct-31
- 200,000.00
-

INCOME SUMMARY 330

DATE EXPLANATION J.R. DEBIT DATE
Oct-31 to close debit balances 2 243,666.66 Oct-31
- 243,666.66
-
Oct-31 to close income summary to capital 2 220,333.34
- 220,333.34
-
MEDICAL REVENNUES 410
DATE EXPLANATION J.R. DEBIT DATE
Oct-31 closing entry 2 434,000.00 Oct-04
Oct-18
434,000.00
- 434,000.00
-

RESSEARCH REVENUES 420

DATE EXPLANATION J.R. DEBIT DATE
Oct-31 closing entry 2 30,000.00 d.
- 30,000.00
-
 SALARIES EXPENSE 510
DATE EXPLANATION J.R. DEBIT DATE
Oct-10 paid salaries 1 73,000.00 Oct-31
e. accrued salaries 2 51,000.00
124,000.00
- 124,000.00
-
Oct-31

INSURANCE EXPENSE 520

DATE EXPLANATION J.R. DEBIT DATE
A insurance for one month had expired 2 1,666.66 Oct-31
- 1,666.66
-

REPAIRS EXPENSE 530

DATE EXPLANATION J.R. DEBIT DATE
Oct-21 paid for repair services for medical equipment 1 23,000.00 Oct-31
- 23,000.00
-

SUPPLIES EXPENSE 540

DATE EXPLANATION J.R. DEBIT DATE
b nagamity na ang supplies 2 35,000.00 Oct-31
 - 35,000.00
-

ASSOCIATION DUES EXPENSE 550

DATE EXPLANATION J.R. DEBIT DATE
Oct-30 paid for association dues 1 15,000.00 Oct-31
- 15,000.00
-

TELEPHONE EXPENSE 560

DATE EXPLANATION J.R. DEBIT DATE
Oct-23 paid telephone bill 1 3,000.00 Oct-31
- 3,000.00
-

DEPRECIATION EXPENSE - BUILDING 570

DATE EXPLANATION J.R. DEBIT DATE
c 2 5,000.00 Oct-31
- 5,000.00
-
 DEPRECIATION EXPENSE - EQUIPMENT 580
DATE EXPLANATION J.R. DEBIT DATE
c 2 9,000.00 Oct-31
- 9,000.00
-

INTEREST EXPENSE 590

DATE EXPLANATION J.R. DEBIT DATE
f. incurred interest expense 2 28,000.00 Oct-31
- 28,000.00
-
Oct-31
H 110
EXPLANATION J.R. CREDIT
purchased land and medical clinic 1 50,000.00
purchased medical equipment and suppplies 1 59,000.00
purchased 1-year all-in-one insurance 1 20,000.00
paid salaries 1 73,000.00
paid for repairs 1 23,000.00
paid for telephone bill 1 3,000.00
partial payment to San Pablo Supply 1 13,000.00
withdrew cash from medical practice 1 200,000.00
paid for association dues 1 15,000.00
456,000.00
- 456,000.00
-

ECEIVABLE 120
EXPLANATION J.R. CREDIT
collected from patients billed on 18th 1 113,000.00
- 113,000.00
-

UPPLIES 130
EXPLANATION J.R. CREDIT
nagamit na an supplies 2 35,000.00
- 35,000.00
-

URANCE 140
EXPLANATION J.R. CREDIT
insurance for the month has expired 2 1,666.66
- 1,666.66
-

D 150
EXPLANATION J.R. CREDIT

UILDING 160
 EXPLANATION J.R. CREDIT

CIATION - BUILDING 165

EXPLANATION J.R. CREDIT
to recognize accumulated depreciation for the period 2 5,000.00

UIPMENT 170
EXPLANATION J.R. CREDIT

N - MEDICAL EQUIPMENT 175

EXPLANATION J.R. CREDIT
to recognize accumulated depreciation for the period 2 9,000.00

PAYABLE 210
EXPLANATION J.R. CREDIT
purchased supplies and equipment with 24% note payab 1 400,000.00

PAYABLE 220
EXPLANATION J.R. CREDIT
purchase of land and building with 20% note payable 1 1,200,000.00

PAYABLE 230
EXPLANATION J.R. CREDIT
purchase of medical supplies on account from Pablo Sup 1 17,000.00
 purchase of medical equipment on account from Dr. De 1 45,000.00
62,000.00
- 13,000.00
49,000.00

AYABLE 240
EXPLANATION J.R. CREDIT
incured services 2 51,000.00
- 51,000.00
-

AYABLE 250
EXPLANATION J.R. CREDIT
incurred interest payable 2 28,000.00
- 28,000.00
-

RCH REVENUES 260

EXPLANATION J.R. CREDIT
advance payment from Laguna Experimental Drug Center 1 90,000.00
- 30,000.00
60,000.00

CAPITAL 310
EXPLANATION J.R. CREDIT
initial investment 1 250,000.00
 to close income summary to capital account 2 220,333.34
470,333.34
- 200,000.00
270,333.34

THDRAWALS 320
EXPLANATION J.R. CREDIT
to close withdrawal to capital 2 200,000.00
- 200,000.00
-

MMARY 330
EXPLANATION J.R. CREDIT
to close credit balances 2 464,000.00
- 243,666.66
220,333.34
- 220,333.34
-

VENNUES 410
EXPLANATION J.R. CREDIT
medical revenue 1 117,000.00
billed customers for services rendered 1 317,000.00
434,000.00
- 434,000.00
-

EVENUES 420
EXPLANATION J.R. CREDIT
earned portion 2 30,000.00
- 30,000.00
-
XPENSE 510
EXPLANATION J.R. CREDIT
closing entry 2 124,000.00

124,000.00
- 124,000.00
-
reversing entry 3 51,000.00

EXPENSE 520
EXPLANATION J.R. CREDIT
closing entry 2 1,666.66
- 1,666.66
-

XPENSE 530
EXPLANATION J.R. CREDIT
closing entry 2 23,000.00
- 23,000.00
-

XPENSE 540
EXPLANATION J.R. CREDIT
closing entry 2 35,000.00
 - 35,000.00
-

UES EXPENSE 550

EXPLANATION J.R. CREDIT
closing entry 2 15,000.00
- 15,000.00
-

EXPENSE 560
EXPLANATION J.R. CREDIT
closing entry 2 3,000.00
- 3,000.00
-

ENSE - BUILDING 570

EXPLANATION J.R. CREDIT
closing entry 2 5,000.00
- 5,000.00
-
NSE - EQUIPMENT 580
EXPLANATION J.R. CREDIT
closing entry 2 9,000.00
- 9,000.00
-

XPENSE 590
EXPLANATION J.R. CREDIT
closing entry 2 28,000.00
- 28,000.00
-
reversing entry 3 28,000.00
 TRIAL BALANCE ADJUSTMENTS
ACCOUNT TITLES
DR CR DR
Cash 114,000.00
Accounts Receivable 204,000.00
Medical Supplies 56,000.00
Prepaid Insurance 20,000.00
Land 250,000.00
Medical Building 1,000,000.00
Accumulated Depreciation - Medical Building
Medical Equipment 465,000.00
Accumulated Depreciation Medical Equipment
24% Notes Payable 400,000.00
20% Notes Payable 1,200,000.00
Accounts Payable 49,000.00
Salaries Payable
Interest Payable
Unearned Revenues 90,000.00 30,000.00
Marasigan, Capital 250,000.00
Marasigan, Withdrawals 200,000.00
Income Summary
Medical Revenues 434,000.00
Research Revenues
Salaries Expense 73,000.00 51,000.00
Insurance Expense 1,666.66
Repairs Expense 23,000.00
Supplies Expense 35,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense - Building 5,000.00
Depreciation Expense - Equipment 9,000.00
Interest Expense 28,000.00
2,423,000.00 2,423,000.00 159,666.66
Profit
ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
CR DR CR DR CR
114,000.00
204,000.00
35,000.00 21,000.00
1,666.66 18,333.34
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
60,000.00
250,000.00
200,000.00

434,000.00 434,000.00
30,000.00 30,000.00 30,000.00
124,000.00 124,000.00
1,666.66 1,666.66
23,000.00 23,000.00
35,000.00 35,000.00
15,000.00 15,000.00
3,000.00 3,000.00
5,000.00 5,000.00
9,000.00 9,000.00
28,000.00 28,000.00
159,666.66 2,516,000.00 2,516,000.00 243,666.66 464,000.00
220,333.34
464,000.00 464,000.00
 BALANCE SHEET CLOSING ENTRIES
DR CR DR CR
114,000.00
204,000.00
21,000.00
18,333.34
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
250,000.00 200,000.00 220,333.34
200,000.00 200,000.00
243,666.66 464,000.00
434,000.00
30,000.00
124,000.00
1,666.66
23,000.00
35,000.00
15,000.00
3,000.00
5,000.00
9,000.00
28,000.00
2,272,333.34 2,052,000.00
220,333.34 220,333.34
2,272,333.34 2,272,333.34 1,128,000.00 1,128,000.00
POST CLOSING TRIAL BALANCE
DR CR
114,000.00
204,000.00
21,000.00
18,333.34
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
270,333.34

2,072,333.34 2,072,333.34
 Income Statement Statemenr of C
For the Month Ended October 31, 2021 For the Month End

Revenues Marasigan, Capital 10/1/2021

Medical Revenues 434,000.00 Add: Additional Investment by Marasiga
Research Revenues 30,000.00 Profit
Total 464,000.00 Total
Less: Marasigan, Withdrawals
Expenses Marasigan, Capital 10/31/2021
Salaries Expense 124,000.00
Insurance Expense 1,666.66
Repairs Expense 23,000.00
Supplies Expense 35,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense - Building 5,000.00
Depreciation Expense - Equipment 9,000.00
Interest Expense 28,000.00
Total 243,666.66
Profit 220,333.34
 Statemenr of Changes in Equity Balanc
For the Month Ended October 31, 2021 As of Octob

al 10/1/2021 250,000.00 ASS

Investment by Marasigan 0 Current Asseets
220,333.34 220,333.34 Cash
470,333.34 Accounts Receivable
n, Withdrawals 200,000.00 Medical Supplies
al 10/31/2021 270,333.34 Prepaid Insurance

Noncurrent Assets
Land
Medical Building
Accumulated Depreciation - Medical Building
Medical Equipment
Accumulated Depreciation Medical Equipment

Total Assets
LIABI
Current Liabilities
24% Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Unearned Revenues

Noncurrent Liabilities
20% Notes Payable

OWNER'
Marasigan, Capital 10/2021
Total Liabilities and Owner's Equity
 Balance Sheet
As of October 31, 2021

ASSETS
Current Asseets
114,000.00
Accounts Receivable 204,000.00
Medical Supplies 21,000.00
Prepaid Insurance 18,333.34
Total Current Assets 357,333.34
Noncurrent Assets
250,000.00
Medical Building 1,000,000.00
Accumulated Depreciation - Medical Building - 5,000.00 995,000.00
Medical Equipment 465,000.00
Accumulated Depreciation Medical Equipment - 9,000.00 456,000.00
Total Noncurrent Assets 1,701,000.00
Total Assets 2,058,333.34
LIABILITIES
Current Liabilities
24% Notes Payable 400,000.00
Accounts Payable 49,000.00
Salaries Payable 51,000.00
Interest Payable 28,000.00
Unearned Revenues 60,000.00
Total Current Liabilities 588,000.00
Noncurrent Liabilities
20% Notes Payable 1,200,000.00
Total Noncurrent Liabilities 1,200,000.00
OWNER'S EQUITY
Marasigan, Capital 10/2021 270,333.34
Total Liabilities and Owner's Equity 2,058,333.34