General Journal

Date Account titles and explanation P.R.

Oct. 1 Cash 110
Marasigan Capital 130
For investment

1 Medical Building 160

Land 150
Cash 110
20% noted payable 220
Medical Building and land acquired on account

1 Medical Equipment 170

Medical Supplies 130
Cash 110
24% notes payable 210
Medical supplies and Medical Equipment acquired on account

2 Prepaid Insurance 140

Cash 110
Insurance acquired for a year

4 Cash 110
Medical Revenues 410
Received cash for rendered service

7 Medical Supplies 130

Accounts Payable 230
Medical suppplies acquired on account

10 Salaries Expense 510

Cash 110
Paid for salaries expense

12 Cash 110
Unearned Research Revenues 260
Received cash for services to be done in the future

18 Accounts Receivable 120

Medical Rvenues 410
Billed patients for serive rendered

21 Repairs Expense 530

Cash 110
Paid for repairs expense
 23 Telephone Expense 560
Cash 110
Paid for telephone bill

24 Medical Equipment 170

Accounts Payable 230
Medical Equipment Acquired on account
General Journal
Date Account titles and explantion P.R.
Oct. 25 Cash 110
Accounts Receivable 120
Collection of accounts receivables

27 Accounts Payable 230

Cash 110
Payment of liabilities

30 Marasigan, Withdrawals 320

Cash 110
Withdrawal

30 Association Dues Expense 550

Cash 110
Paid for association dues expense

30 Insurance Expense 520

Prepaid Insurance 140
Insurance for one month has expired

30 Supplies Expense 540

Medical Supplies 130
Medical Supplies expired

30 Depreciation Expense - Medical Building 570

Accum. Depreciaton - Medical building 165
Medical Building Depreciation

30 Depreciation Expense - Medical Equipment 580

Accum. Depreciation - Medical Equipment 175
Medical Equipment Depreciation

30 Unearned Research revenues 260

Research Revenues 420
Unearned Revenues
 30 Salaries Expense 510
Salaries Payable 240
Salaries Accured

30 Interest Expense 590

Interest Payable 250
Interest Accured

30 Medical Revenues 410

Research Revenues 420
Income Summary 330

General Journal
Date Account titles and Explanation P.R.
Oct 30 Income Summary 330
Salaries Expense 510
Insurance Expense 520
Repairs Expense 530
Supplies Expense 540
Association dues expense 550
Telephone Expense 560
Depreciation expense - medical building 570
Depreciation expense - medical equipment 580
Interest Expense 590

30 Income Summary 330

Marasigan, Capital 310

30 Income Summary 330

Marasigan, Withdrawals 320
Debit Credit
₱ 250,000.00
₱ 250,000.00

₱ 1,000,000.00
₱ 250,000.00
₱ 50,000.00
₱ 1,250,000.00

₱ 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

Debit Credit
₱ 113,000.00
₱ 113,000.00

₱ 13,000.00
₱ 13,000.00

₱ 200,000.00
₱ 200,000.00

₱ 15,000.00
₱ 15,000.00

₱ 1,666.67
₱ 1,666.67

₱ 35,000.00
₱ 35,000.00

₱ 5,000.00
₱ 5,000.00
\

₱ 9,000.00
₱ 9,000.00

₱ 30,000.00
₱ 30,000.00
₱ 51,000.00
₱ 51,000.00

₱ 28,000.00
₱ 28,000.00
\

₱ 434,000.00
₱ 30,000.00
₱ 464,000.00

Debit Credit
₱ 243,666.67
₱ 124,000.00
₱ 1,666.67
₱ 23,000.00
₱ 35,000.00
₱ 15,000.00
₱ 3,000.00
₱ 5,000.00
₱ 9,000.00
₱ 28,000.00

₱ 220,333.33
₱ 220,333.33

₱ 200,000.00
₱ 200,000.00
 GENERAL LEDGER
Account : CASH Account No: 110
Da Explanation Debit Date Explanation
Oct. 1 250,000 1
4 117,000 1
12 90,000 2
25 113,000 10
21
23
27
30
30
570,000
Balance 114,000

Account : Accounts Receivable

Date Explanation Debit Date Explanation
Oct 18 317,000 25
Balance 204,000

Account : Medical Supplies

Date Explanation Debit Date Explanation
Oct. 1 39,000
7 17,000
56,000
Balance 56,000 30

Account : Prepaid Insurance

Date Explanation Debit Date Explanation
Oct 2 20,000
Balance 20,000
Beg. Balance 20,000 30 Adjustment
18,333.33

Account : Land
Date Explanation Debit Date Explanation
Oct. 1 250,000
Balance 250,000

Account : Medical Building

Date Explanation Debit
Oct. 1 1,000,000
Balance 1,000,000

Account : accum. Dep. - Med Building

Date Explanation Credit
Oct. 30 Adjustment 5,000
Balance 5,000

Account : Medical Equipment

Date Exolanation Debit
Oct. 1 420,000
24 45,000
465,000
Balance 465,000

Accum. Dep. - Medical Equipment

Date Explanation Credit
Oct. 30 Adjustment 9,000
Balance 9,000

Account : 24% Notes Payable

Date Explanation Credit
Oct. 1 400,000
Balance 400,000

Account : 20% Notes Payabe

Date Explanation Credit
Oct. 1 1,200,000
Balance 1,200,000

Account : Accounts Payable

Date Explanation Debit Date Explanation
Oct. 27 13,000 7
24
13,000
Balance

Account : Salaries Payable

Date Explanation Credit
Oct. 30 Adjustment 28,000
Balance 28,000

Account ; Interest Payable

Date Explanation Credit
Oct. 30 Adjustments 28,000
Balance 28,000

Account : Unearned Research Revenue

Date Explanation Debit Date Explanation
Oct. 12
Balance
30 Adjustment 30,000 Beg. Balance

Account : Marasigan, Capital

Date Explanation Debit Date Explanation
Oct. 1
Balance
30- Closing 200,000 Beg. Balance
30 Closing
200,000

Account :Marasigan, Withdrawals

Date Explanation Debit Date Explanation
Oct. 30 200,000
Balance 200,000
Beg. Balance 200,000 30 Closing

Account : Income Summary

Date Explanation Debit Date Explantion
Oct. 30 Closing 243,666.67 30
30 Closing 220,333.33
464,000

Account : Medical Revenues

Date Explanation Debit Date Explanation
Oct. 4
18

Balance
30 Closing 434,000 Beg. Balance
Account :Research revenues
Date Explanation Debit Date Explanation
Oct. 30
Balance
30 Closing 30,000 Beg. Balance

Account : Salaries Expense

Date Explanation Debit Date Explanation
Oct. 10 73,000
Balance 73,000
Beg. Balance 73,000 30 Closing
30 Adjustment 51,000
124,000

Account : Insurance Expense

Date Explanation Debit Date Explanation
Oct. 30 Adjustment !,666.67 30 Closing

Account :Repairs Expense

Date Explanation Debit
Oct. 21 23,000
Balance 23,000
Beg. Balance 23,000 30 Closing

Account : Supplies Expense

Date Explanation Debit Date Explanation
Oct. 30 Adjustments 35,000 30 Closing

Account : Association Dues Expense

Date Explanation Debit Date Explanation
Oct. 30 3,000
Balance 3,000
Beg. Balance 3,000 30 Closing

Account : Telephone Expense

Date Explanation Debit Date Explanation
Oct. 23 3,000
Balance 3,000
Beg. Balance 3,000 30 Closing

Account : Depreciation Expense - Building

Date Explanation Debit Date Explanation
Oct. 30 Adjustment 5,000 30 Closing
Account : Depreciation Expense - Equipment
Date Explanation Debit Date Explanation
Oct. 30 Adjustment 9,000 30 Closing

Account : Interest Expense

Date Explanation Debit Date Explanation
Oct. 30 Adjustment 28,000 30 Closing
RAL LEDGER
Account No: 110
Credit
50,000
59,000
20,000
73,000
23,000
3,000
13,000
200,000
15,000
456,000

Account No :120
Credit
113,000

Account No. : 130

Credit

35,000

Account No, : 140

Credit

1,666.67

Account No. : 150

Credit

Acccount No. : 160

Account No. : 165

Account No. 170

Account No. : 175

Account No. :210

Account No. : 220

Account No. : 230

Credit
17,000
45,000
62,000
49,000

Account No. ; 240

Account No. : 250

Account No. :260

Credit
90,000
90,000
90,000
60,000

Accouhnt No. : 310

Credit
250,000
250,000
250,000
220,333.33
470,333.33
270,333.33

Account No. 320

Credit

200,000

Account No. 330

Credit
464,000

464,000

Account No. 410

Credit
117,000
317,000
434,000
434,000
434,000
Account No. : 420
Credit
30,000
30,000
30,000

Account NO. :510

Credit

124,000

124,000

Account NO. : 520

Credit
1,666.67

Account NO. : 530

23,000

Account No. : 540

Credit
35,000

Account No. : 550

Credit

3,000

Account NO. ; 560

Credit

3,000

Account NO. :570

Credit
5,000
Account NO. :580
Credit
9,000

Account No. : 590

Credit
28,000
 Dr. Nick Marasigan, M.D.
Income Statement
For the Month Ended October 30, 2021
Revenue
Medical Revenue ₱ 434,000.00
Research Revenue ₱ 30,000.00
Total

Expense
Salaries Expense ₱ 124,000.00
Supplies Expense ₱ 35,000.00
Interest Expense ₱ 28,000.00
Repairs Expense ₱ 23,000.00
Association Dues Expense ₱ 15,000.00
Depreciation Expenses - Medical Building ₱ 9,000.00
Depreciation Expenses - Medical Equipment ₱ 5,000.00
Telephone Expense ₱ 3,000.00
Insurance Expense ₱ 1,666.67
Total

Profit
sigan, M.D.
atement
er 30, 2021

₱ 464,000.00

₱ 243,666.67

₱ 220,333.33
 Dr. Nick Marasigan, M.D.
Statement of Changes in Equity
For the Month Ended October 30, 2021

Marasigan Owner's Equity 10/1/2019

Add: Additional Investment by Marasigan ₱ -
Profit ₱ 220,333.33
Total
Less: Withdrawals
Marasigan Owner's Equity 10/30/2019
₱ 250,000.00

₱ 220,333.33
₱ 470,333.33
₱ 200,000.00
₱ 270,333.33
 Dr. Nick Marasigan M.D.
Balance Sheet
October 30,2021

ASSETS
Current Assets
Cash ₱ 114,000.00
Accounts Receivable ₱ 204,000.00
Medical Supplies ₱ 21,000.00
Prepaid Insurance ₱ 18,333.33
TOTAL CURRENT ASSETS
Property and Equipment
Land ₱ 250,000.00
Medical Building ₱ 1,000,000.00
Less: Accum. Depreciation ₱ 5,000.00 ₱ 995,000.00
Medical Equipment ₱ 465,000.00
Less: Accum. Depreciation ₱ 9,000.00 ₱ 456,000.00
TOTAL ASSETS

LIABILITIES
Current Liabilities
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 revenues ₱ 60,000.00
TOTAL CURRENT LIABILITIES

OWNER'S EQUITY
Marasigan, Capital, 10/30/2019
TOTAL LIABILITIES AND OWNER'S EQUITY
₱ 357,333.33

₱ 1,701,000.00
₱ 2,058,333.33

₱ 1,788,000.00

₱ 270,333.33
₱ 2,058,333.33
 Dr. Nick Marasigan, M.D.
Post-closing Trial Balance
For the Month Ended October 30,2021

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
Accum. Dep. = Med Building `
Medical Equipment ₱ 465,000.00
Accum. Dep. = Med Equipment
24% Notes Payable
20% Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Unearned Research Revenue
Marasigan, Capital
₱ 2,072,333.33
₱ 5,000.00

₱ 9,000.00
₱ 400,000.00
₱ 1,200,000.00
₱ 49,000.00
₱ 51,000.00
₱ 28,000.00
₱ 60,000.00
₱ 270,333.33
₱ 2,072,333.33