GENERAL JOURNAL

GENERAL JOURNAL
Account
Date Account Titles Debit Credit
Nos.
Oct. 01 Cash 110 250000
Watanabe, Capital 310 250000

01 Medical Building 160 1000000

Land 150 250000
Cash 110 50000
20% Notes Payable 220 1200000

01 Medical Equipment 170 420000

Medical Supplies 130 39000
Cash 110 59000
24% Notes Payable 210 400000

02 Prepaid Insurance 140 60000

Cash 110 60000

04 Cash 110 117000

Medical Revenues 410 117000

07 Medical Supplies 130 17000

Accounts Payable 230 170000

10 Salaries Expense 510 73000

Cash 110 73000

12 Cash 110 90000

Research Revenues 420 90000

18 Accounts Receivable 120 317000

Medical Revenues 410 317000

21 Repairs Expense 530 23000

Cash 110 23000

23 Telephone Expense 560 3000

Cash 110 3000

24 Medical Equipment 170 45000

Accounts Payable 230 45000

25 Cash 110 113000

Accounts Receivable 120 113000

27 Accounts Payable 230 13000

 Cash 110 13000

30 Watanabe, Withdrawals 320 200000

Cash 110 200000

30 Association Dues Expense 550 15000

Cash 110 15000

ADJUSTING ENTRIES

Account Titles Account Debit Credit

Nos.
Insurance Expense 520 5000
Prepaid Insurance 140 5000

Supplies Expense 540 35000

Medical Supplies 130 35000

Depreciation Expense – Medical 570 5000

Building
Accumulated Depreciation – Bldg. 165 5000

Depreciation Expense – Medical 580 9000

Equipment
Accumulated Depreciation - 175 9000
Equipment

Cash 110 30000

Unearned Research Revenues 260 30000

Salaries Expense 510 51000

Salaries Payable 240 51000

Interest Expense 590 28000

Interest Payable 250 28000

Closing Entries
 Account
Account Titles Debit Credit
Nos.
Medical Revenues 410 434000
Research Revenues 420 90000
Income Summary 330 524000

Income Summary 330 247000

Salaries Expense 510 124000
Repair Expense 530 23000
Associations Dues Expense 550 15000
Telephone Expense 560 3000
Insurance Expense 520 5000
Supplies Expense 540 35000
Interest Expense 590 28000
Depreciation Expense – Bldg. 570 5000
Depreciation Expense - Equipment 580 9000

Income Summary 330 277000

Watanabe, Capital 310 277000

Watanabe, Capital 310 200000

Watanabe, Withdrawals 320 200000
LEDGER

CASH ACCOUNTS
RECEIVABLE
250000 50000 317000 113000
117000 59000
90000 60000
113000 73000
23000
3000
13000
200000
15000
74000 204000
MEDICAL SUPPLIES
39000
17000

56000

PREPAID INSURANCE LAND

250000
60000

250000
60000
 20% NOTES
MEDICAL BUILDING PAYABLE
1000000 1200000

1000000 1200000

MEDICAL EQUIPMENT
420000
45000

465000

24% NOTES PAYABLE

400000

400000
ACCOUNTS PAYABLE
13000 17000
45000
 49000

WATANABE, CAPITAL
250000

250000
WATANABE,
WITHDRAWALS
200000

200000

RESEARCH
REVENNUES
90000

90000
MEDICAL REVENUES
117000
317000

434000
 SALARIES EXPENSE
73000

73000

TELEPHONE EXPENSE
3000

3000

ASSOCIATION DUES
REPAIRS EXPENSE EXPENSE
23000 15000

23000 15000

TRIAL BALANCE

Watanabe Medical Clinic

Unadjusted Trial Balance
As of October 31, 2021
Accounts Debit Credit
Cash 74000
Accounts Receivable 204000
Prepaid Insurance 60000
Medical Supplies 56000
Land 250000
Medical Building 1000000
Medical Equipment 465000
Accounts Payable 49000
20% Notes Payable 1200000
24% Notes Payable 400000
Watanabe, Capital 250000
Watanabe, Withdrawals 200000
Medical Revenues 434000
Research Revenues 90000
Salaries Expense 73000
Repair Expense 23000
Associations Dues Expense 15000
Telephone Expense 3000

TOTAL 2423000 2423000

 Watanabe Medical Clinic
Worksheet
As of October 31, 2021
Unadjusted Trial Adjusted Trial Post-closing Trial
Adjustments Income Statement Balance Sheet Closing Entries
Account Title Balance Balance Balance
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 74000 30000 104000 104000 104000
Accounts Receivable 204000 204000 204000 204000
Prepaid Insurance 60000 5000 55000 55000 55000
Medical Supplies 56000 35000 21000 21000 21000
Land 250000 250000 250000 250000
Medical Building 1000000 1000000 1000000 1000000
Accumulated Depreciation – Bldg. 5000 5000 5000 5000
Medical Equipment 465000 465000 465000 465000
Accumulated Depreciation – Equipment 9000 9000 9000 9000
Accounts Payable 49000 49000 49000 49000
Salaries Payable 51000 51000 51000 51000
Interest Payable 28000 28000 28000 28000
Unearned Research Revenues 30000 30000 30000 30000
20% Notes Payable 1200000 1200000 1200000 1200000
24% Notes Payable 400000 400000 400000 400000
Watanabe, Capital 250000 250000 250000 77000 327000
Watanabe, Withdrawals 200000 200000 200000 200000
Medical Revenues 434000 434000 434000 434000
Research Revenues 90000 90000 90000 90000
Salaries Expense 73000 51000 124000 124000 124000
Repair Expense 23000 23000 23000 23000
Associations Dues Expense 15000 15000 15000 15000
Telephone Expense 3000 3000 3000 3000
Insurance Expense 5000 5000 5000 5000
Supplies Expense 35000 35000 35000 35000
Interest Expense 28000 28000 28000 28000
Depreciation Expense – Bldg. 5000 5000 5000 5000
Depreciation Expense - Equipment 9000 9000 9000 9000
Income Summary 277000 277000
Total 2423000 2423000 163000 163000 2546000 2546000 2299000 2299000 524000 524000 2099000 2099000
 Watanabe Medical Clinic
Balance Sheet
As of October 31, 2021

Assets Liabilities
Current Assets Current Liabilities
Cash 104000 Accounts Payable 49000
Accounts Receivable 204000 Salaries Payable 51000
Prepaid Insurance 55000 Interest Payable 28000
Medical Supplies 21000 Unearned Research Revenues 30000
Noncurrent Assets Noncurrent Liabilities
Land 250000 20% Notes Payable 1200000
Medical Building 1000000 24% Notes Payable 400000
Accumulated Total Liabilities
Depreciation-Bldg. 5000 995000 Owner’s Equity
Medical Equipment 465000 Watanabe, Capital 327000
Accumulated
Depreciation-Eqpt. 9000 456000 ________
Total Assets 2085000 Total Liabilities & Owner’s Equity 2085000
 Watanabe Medical Clinic
Income Statement
For the Month Ended October 31, 2021

Revenues
Medical Revenues 434000
Research Revenues 90000
Total Revenues 524000
Expenses
Salaries Expense 124000
Repair Expense 23000
Associations Dues Expense 15000
Telephone Expense 3000
Insurance Expense 5000
Supplies Expense 35000
Interest Expense 28000
Depreciation Expense- Bldg. 5000
Depreciation Expense- Equipment 9000 247000
Net Income 277000