Scribd
Upload
200 views

Problem Solving No. 3: 75% Passing Grade

Dr. Nick Marasigan established a medical practice and the following financial activities occurred in the first three months: He transferred funds to open a business bank account. He acquired a medical clinic, land, equipment, and supplies by paying some cash and financing the rest. He collected fees from patients and a research center, paid salaries, expenses, and withdrew cash. Journal entries were made for these transactions from October 1 to December 31.

Uploaded by

Lizanne Gaurana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
200 views

Problem Solving No. 3: 75% Passing Grade

Dr. Nick Marasigan established a medical practice and the following financial activities occurred in the first three months: He transferred funds to open a business bank account. He acquired a medical clinic, land, equipment, and supplies by paying some cash and financing the rest. He collected fees from patients and a research center, paid salaries, expenses, and withdrew cash. Journal entries were made for these transactions from October 1 to December 31.

Uploaded by

Lizanne Gaurana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

PROBLEM SOLVING NO.

Comprehensive Problem

Dr. Nick Marasigan, Medical Doctor, Pulmnologist, upon completing a residency program at Harvard Medical
Center, established a medical practice in San Pablo, Laguna. During October 1 to December 31, 2017, the first
three months operations, the following transactions occurred:

Oct 01 Dr. Marasigan transferred P2,250,000 from his personal checking accounting to a bank account, Dr.
Nick Marasigan, M.D.
1 A medical clinic and medical building respectively, P1,000,000 and land, P250,000 were acquired.
1 Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying
P59,000 cash and the balance will be on account.
2 Acquired “all-in-one” insurance for a year, P20,000.
04 Collected professional fee - cash from patients amounting to P117,000 today.
07 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 as professional fee from the Laguna Experimental Drug Research Center
18 Billed patients P317,000 for services rendered today.
21 Paid P23,000 for repairs to medical equipment.
23 Paid the telephone bill, P3,000.
24 Bought second-hand medical equipment on account from Dr. De Leon, P45,000.
25 Collected P113,000 from patients billed on Oct. 18.
25 Paid salaries of nurses and office staff, P110,000.
27 Paid P13,000 on account to San Pablo Supply.
30 Withdrew P100,000 cash from the medical practice.
30 Paid P15,000 annual dues to the Laguna Medical Association.

Use the ff CHART OF ACCOUNTS:


Account Title Account Title
Cash Marasigan, Capital
Accounts Receivable Marasigan, Withdrawals
Medical Supplies
Prepaid Insurance Medical Revenues (Medical Income)
Land Research Revenues (Research Income)
Medical Building Salaries and Wages Expense
Medical Equipment Insurance Expense
Medical Equipment 2H Repairs and Maintenance Expense

Association Dues Expense


Utilities Expense
Accounts Payable Depreciation Expense – Building

End of quiz. Good Luck!!!

Prepare the following: 75% PASSING GRADE

1) JOURNAL ENTRIES with correct Date Description and marks for Debit and Credit, with indention, with
aligned space and with explanation. ( See Sample ) 1 point correct for each.

DATE DESCRIPTION DEBIT CREDIT

Jan 1 Cash 25,000


Service Income 25,000
#Mr. B received income

2) T ACCOUNTS

3) TRIAL BALANCE

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy