ACCO 001 | Fundamentals of Accounting

ACTIVITY 3
Directions:
1. Prepare journal entries on the below 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.
Problem 3-2:

In 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

JOSH ADRIAN GREG S. MANTE 1BSTMACCO NOVEMBER 16, 2022

 GENERAL JOURNAL
DATE
DESCRIPTION P/R DEBIT CREDIT
2020

February 1 Cash 11 150,000

Balista, Capital 31 150,000

Investment of the Owner

3 Medical Equipment 14 62,000

Cash 11 20,000

Notes Payable 21 42,000

Medical Equipment are purchased

4 Medical Supplies 13 12,000

Cash 11 12,000

Medical Supplies were bought

7 Rent Expense 52 6,000

Cash 11 6,000

Rent was paid for the month

8 Cash 11 15,000

Medical Revenue 41 15,000

Medical Services were rendered

10 Furniture and Fixtures 15 8,500

Accounts Payable 22 8,500

Purchased Furniture on account

13 Accounts Receivable 12 34,000

 Medical Revenue 41 34,000

Billed customers for service

rendered

15 Salary Expense 51 26,400

Cash 11 26,400

Salaries of employees were paid

17 Laboratory Expense 53 3,000

Cash 11 3,000

Doctor’s rendered service was

paid

20 Accounts Payable 22 2,500

Cash 11 2,500

Creditors were paid on account

22 Insurance Expense 55 4,700

Cash 11 4,700

Insurance for the quarter was

paid

23 Miscellaneous Expense 56 2,200

Cash 11 2,200

Miscellaneous was paid for the

quarter

25 Cash 11 34,000

Accounts Receivable 12 34,000

 Patient paid on account

27 Salary Expense 51 58,500

Cash 11 58,500

Salaries of employees were paid

28 Cash 11 68,500

Medical Revenue 41 68,500

Received cash from patients

General Ledger
Cash 11

Feb 1 150,000 Feb 3 20,000

8 15,000 4 12,000

25 34,000 7 6,000

28 68,500 15 26,400

267,500 17 3,000

20 2,500

22 4,700

23 2,200

27 58,500

135,300

Accounts Receivable 12

Feb 13 34,000 Feb 25 34,000

34,000 34,000
 Medical Supplies 13

Feb 4 12,000

12,000

Medical Equipment 14

Feb 3 62,000

62,000

Furniture and Fixtures 15

Feb 10 8,500

8,500

Notes Payable 21

Feb 3 42,000

42,000
 Accounts Payable 22

Feb 20 2,500 Feb 10 8,500

2,500 8,500

Balista, Capital 31

Feb 1 150,000

150,000

Balista, Drawing 32

Medical Revenues 41
 Feb 8 15,000

13 34,000

28 68,500

117,500

Salary Expenses 51

Feb 15 26,400

27 58,500

84,900

Rent Expenses 52

Feb 7 6,000

6,000

Laboratory Expenses 53

Feb 17 3,000

3,000
 Utilities Expenses 54

Insurance Expenses 55

Feb 22 4,700

4,700

Miscellaneous Expenses 56

Feb 23 2,200

2,200
 Marlon Balista M.D, Medical Services
Trial Balance
Month of February

Accounts P/R DEBIT CREDIT

Cash 132,200
Accounts Receivable
Medical Supplies 12,000
Medical Equipment 62,000
Furniture and Fixtures 8,500
Notes Payable 42,000
Accounts Payable 6,000
Balista, Capital 150,000
Balista, Drawing
Medical Revenues 117,500
Salary Expenses 84,900
Rent Expenses 6,000
Laboratory Expenses 3,000
Utilities Expenses
Insurance Expenses 4,700
Miscellaneous Expenses 2,200
315,500 315,500