CASH (110)

2019 Explaination JR Dr 2019

Oct. 1 investment J1 2 5 0 0 0 0 Oct. 1
4 received service fee J1 1 1 7 0 0 0 1
12 received service fee J1 9 0 0 0 0 2
25 received billed service J1 1 1 3 0 0 0 10
21
23
27
30
30
5 7 0 0 0 0
-4 5 6 0 0 0
1 1 4 0 0 0

ACCOUNTS RECEIVABLE (120)

2019 Explaination JR Dr 2019
Oct. 18 billed customer J1 3 1 7 0 0 0 Oct. 25 received billed service

3 1 7 0 0 0
-1 1 3 0 0 0
2 0 4 0 0 0

MEDICAL SUPPLIES (130)

2019 Explaination JR Dr 2019
Oct. 1 purchase J1 3 9 0 0 0
7 purchase on account J1 1 7 0 0 0

5 6 0 0 0

PREPAID INSURANCE (140)

2019 Explaination JR Dr 2019
Oct 2 advance payment J1 2 0 0 0 0 Oct. 30

2 0 0 0 0
-1 6 6 6 67
1 8 3 3 3 33

LAND (150)
2019 Explaination JR Dr 2019
Oct. 1 purchase of land J1 2 5 0 0 0 0
 2 5 0 0 0 0

MEDICAL BUILDING (160)

2019 Explaination JR Dr 2019
Oct 1 purchase of building J1 1 0 0 0 0 0 0

1 0 0 0 0 0 0

ACCUMULATED DEPRECIATION- BUILDING (165)

2019 Explaination JR Dr 2019
Oct 30 adjustment

MEDICAL EQUIPMENT (170)

2019 Explaination JR Dr 2019
Oct. 1 1 purchase J1 4 2 0 0 0 0
purchase on account J1 4 5 0 0 0

4 6 5 0 0 0

ACCUMULATED DEPRECIATION- EQUIPMENT (175)

2019 Explaination JR Dr 2019
Oct 30

24% NOTES PAYABLE (210)

2019 Explaination JR Dr 2019
Oct 1

20% NOTES PAYABLE (220)

2019 Explaination JR Dr 2019
Oct 1
 ACCOUNTS PAYABLE (230)
2019 Explaination JR Dr 2019
Oct 27 paid cash J1 1 3 0 0 0 Oct 7
24

SALARIES PAYABLE (240)

2019 Explaination JR Dr 2019
Nov 1 reversing J3 5 1 0 0 0 Oct 30

INTEREST PAYABLE (250)

2019 Explaination JR Dr 2019
Nov 1 reversing J3 2 8 0 0 0 Oct 30

UNEARNED RESEARCH REVENUE(260)

2019 Explaination JR Dr 2019
Oct 30 adjustments J2 3 0 0 0 0 Oct 12

MARASIGAN, CAPITAL (310)

2019 Explaination JR Dr 2019
Oct 30 closing entry J2 2 0 0 0 0 0 Oct 1

30

MARASIGAN, WITHDARWALS (320)

2019 Explaination JR Dr 2019
OCT 30 drawings J1 2 0 0 0 0 0 Oct 30
2 0 0 0 0 0
-2 0 0 0 0 0
0
 INCOME SUMMARY (330)
2019 Explaination JR Dr 2019
Oct 30 closing entry J2 2 4 3 6 6 6 67 Oct 30
30 closing entry J2 2 2 0 3 3 3 33
4 6 4 0 0 0

MEDICAL REVENUES (410)

2019 Explaination JR Dr 2019
Oct 30 closing entry J2 4 3 4 0 0 0 Oct 4
18

RESEARCH REVENUES (420)

2019 Explaination JR Dr 2019
Oct 30 closing entry J2 3 0 0 0 0 Oct 30

SALARIES EXPENSE (510)

2019 Explaination JR Dr 2019
Oct 10 payment J1 7 3 0 0 0 Oct 30
30 adjustment J2 5 1 0 0 0 Nov 1
1 2 4 0 0 0

INSURANCE EXPENSE (520)

2019 Explaination JR Dr 2019
Oct 30 adjustments J2 1 6 6 6 67 Oct 30
1 6 6 6 67
-1 6 6 6 67
0

REPAIRS EXPENSE (530)

2019 Explaination JR Dr 2019
Oct 21 payment J1 2 3 0 0 0 Oct 30
2 3 0 0 0
-2 3 0 0 0
0
 SUPPLIES EXPENSE (540)
2019 Explaination JR Dr 2019
Oct 30 adjustments J2 3 5 0 0 0 Oct 30
3 5 0 0 0
-3 5 0 0 0
0

ASSOCIATION DUES EXPENSE (550)

2019 Explaination JR Dr 2019
Oct 30 payment J1 1 5 0 0 0 Oct 30
1 5 0 0 0
-1 5 0 0 0
0

TELEPHONE EXPENSE (560)

2019 Explaination JR Dr 2019
Oct 30 payment J1 3 0 0 0 Oct 30
3 0 0 0
-3 0 0 0
0

DEPRECIATION EXPENSE- BUILDING (570)

2019 Explaination JR Dr 2019
Oct 30 adjustments J2 5 0 0 0 Oct 30
5 0 0 0
-5 0 0 0
0

DEPRECIATION EXPENSE- EQUIPMENT (580)

2019 Explaination JR Dr 2019
Oct 30 adjustments J2 9 0 0 0 Oct 30
9 0 0 0
-9 0 0 0
0

INTEREST EXPENSE (590)

2019 Explaination JR Dr 2019
Oct 30 adjustments J2 2 8 0 0 0 Oct 30
Nov 1
10)
Explaination JR Cr
purchase J1 5 0 0 0 0
purchase J1 5 9 0 0 0
advance insurance J1 2 0 0 0 0
payment for salaries J1 7 3 0 0 0
repairs expense J1 2 3 0 0 0
telephone expense J1 3 0 0 0
paid account J1 1 3 0 0 0
drawings J1 2 0 0 0 0 0
association dues J1 1 5 0 0 0
4 5 6 0 0 0

VABLE (120)
Explaination JR Cr
received billed service J1 1 1 3 0 0 0

PLIES (130)
Explaination JR Cr

ANCE (140)
Explaination JR Cr
adjustments J2 1 6 6 6 67

50)
Explaination JR Cr
DING (160)
Explaination JR Cr

TION- BUILDING (165)

Explaination JR Cr
adjustment J2 5 0 0 0

5 0 0 0

MENT (170)
Explaination JR Cr

ION- EQUIPMENT (175)

Explaination JR Cr
adjustment J2 9 0 0 0

9 0 0 0

ABLE (210)
Explaination JR Cr
notes J1 4 0 0 0 0 0

4 0 0 0 0 0

ABLE (220)
Explaination JR Cr
notes J1 1 2 0 0 0 0 0

1 2 0 0 0 0 0
 ABLE (230)
Explaination JR Cr
purchase on account J1 1 7 0 0 0
purchase of equipment J1 4 5 0 0 0
6 2 0 0 0
-1 3 0 0 0
4 9 0 0 0

ABLE (240)
Explaination JR Cr
adjustments J2 5 1 0 0 0
5 1 0 0 0
-5 1 0 0 0
0
ABLE (250)
Explaination JR Cr
adjustments J2 2 8 0 0 0
2 8 0 0 0
-2 8 0 0 0
0
H REVENUE(260)
Explaination JR Cr
service liability J1 9 0 0 0 0
9 0 0 0 0
-3 0 0 0 0
6 0 0 0 0

APITAL (310)
Explaination JR Cr
investment J1 2 5 0 0 0 0
2 5 0 0 0 0
-2 0 0 0 0 0
5 0 0 0 0
closing entry J2 2 2 0 3 3 3 33
2 7 0 3 3 3 33

DARWALS (320)
Explaination JR Cr
closing entry J2 2 0 0 0 0 0
MARY (330)
Explaination JR Cr
closing entry J2 4 6 4 0 0 0

4 6 4 0 0 0
-4 6 4 0 0 0
O

NUES (410)
Explaination JR Cr
service fee J1 1 1 7 0 0 0
service fee J1 3 1 7 0 0 0
4 3 4 0 0 0
-4 3 4 0 0 0
O
NUES (420)
Explaination JR Cr
adjustments J2 3 0 0 0 0
3 0 0 0 0
-3 0 0 0 0
0

ENSE (510)
Explaination JR Cr
closing entry J2 1 2 4 0 0 0
reversing J3 5 1 0 0 0
2 7 5 0 0 0
-1 2 4 0 0 0
5 1 0 0 0

PENSE (520)
Explaination JR Cr
closing entry J2 1 6 6 6 67

NSE (530)
Explaination JR Cr
closing entry J2 2 3 0 0 0
 NSE (540)
Explaination JR Cr
closing entry J2 3 5 0 0 0

EXPENSE (550)
Explaination JR Cr
closing entry J2 1 5 0 0 0

PENSE (560)
Explaination JR Cr
closing entry J2 3 0 0 0

E- BUILDING (570)
Explaination JR Cr
closing entry J2 5 0 0 0

- EQUIPMENT (580)
Explaination JR Cr
closing entry J2 9 0 0 0

ENSE (590)
Explaination JR Cr
closing entry J2 2 8 0 0 0
reversing J3 2 8 0 0 0
5 6 0 0 0
-2 8 0 0 0
2 8 0 0 0
 2019 Particulars
October 1 Cash
Marasigan, Capital
To record the initial investment of the owner.

1 Medical Building
Land
Cash
20% Notes Payable
To record purchase of medical building and land in cash and 20% notes.

1 Medical Equipment
Medical Supplies
Cash
24% Notes Payable
To record purchase of medical supplies and building in cash and 24% notes

2 Prepaid Insurance
Cash
To record advance for insurance.

4 Cash
Medical Revenues
To record received revenue.

7 Medical Supplies
Accounts Payable
To record purchase of supplies on account.

10 Salaries Expense
Cash
To record advance payment of customers.

12 Cash
Unearned Research Revenue
To record advance payment of customers.

18 Accounts Receivable
Medical Revenue
To record billed service.

21 Repairs Expense
Cash
To record repairs expense.
 23 Telephone Expense
Cash
To record telephone expense.

24 Medical Equipment
Accounts Payable
To record purchase of equipment on account.

25 Cash
Accounts Receivable
To record collected service.

27 Accounts Payable
Cash
To record paid account to San Pablo.

30 Marasigan, Withdrawals
Cash
To record withdrawals of the owner.

30 Association Dues Expense

Cash
To record payment for expense.

2019 Particulars
a Insurance Expense
Prepaid Insurance
To record pre-payment of insurance.

b Supplies Expense
Medical Supplies
To record inventory.

c Depreciation Expense- Building

Depreciation Expense- Equipment
Accumulated Depreciation- Building
Accumulated Depreciation- Equipment
To record depreciation.

d Unearned Research Revenue

 Research Revenue
To record accrued income.

e Salaries Expense
Salaries Payable
To record accrued salaries.

f Interest Expense
Interest Payable
To record accrued interest

October 30 Medical Revenues

Research Revenues
Income Summary
To record closing of income.

30 Income Summary
Salaries Expense
Insurance Expense
Repairs Expense
Supplies Expense
Association Dues Expense
Telephone Expense
Depreciation Expense- Building
Depreciation Expense- Equipment
Interest Expense
To record closing of expenses.

30 Income Summary
Marasigan, Capital
To record profit.

30 Marasigan, Capital
Marasigan, Withdrawals
To record closing of drawings to capital.

2019 Particulars
Nov. 1 Salaries Payable
Salaries Expense
To record reversing entry of salaries.

### Interest Payable

Interest Expense
To record reversing of interest.
 Page 1
F Debit Credit
110 2 5 0 0 0 0
310 2 5 0 0 0

160 1 0 0 0 0 0 0
150 2 5 0 0 0 0
110 5 0 0 0 0
220 1 2 0 0 0 0

170 4 2 0 0 0 0
130 3 9 0 0 0
110 5 9 0 0 0
210 4 0 0 0 0 0

140 2 0 0 0 0
110 2 0 0 0 0

110 1 1 7 0 0 0
410 1 1 7 0 0 0

130 1 7 0 0 0
230 1 7 0 0 0

510 7 3 0 0 0
110 7 3 0 0 0

110 9 0 0 0 0
260 9 0 0 0 0

120 3 1 7 0 0 0
410 3 1 7 0 0 0

530 2 3 0 0 0
110 2 3 0 0 0
560 3 0 0 0
110 3 0 0 0

170 4 5 0 0 0
230 4 5 0 0 0

110 1 1 3 0 0 0
120 1 1 3 0 0 0

230 1 3 0 0 0
110 1 3 0 0 0

320 2 0 0 0 0 0
110 2 0 0 0 0 0

550 1 5 0 0 0
110 1 5 0 0 0

Page 2
F Debit Credit
590 1 6 6 6 67
140 1 6 6 6 67

540 3 5 0 0 0
130 3 5 0 0 0

570 5 0 0 0
580 9 0 0 0
165 5 0 0 0
175 9 0 0 0

260 3 0 0 0 0
420 3 0 0 0 0

510 5 1 0 0 0
240 5 1 0 0 0

590 2 8 0 0 0
250 2 8 0 0 0

410 4 3 4 0 0 0
420 3 0 0 0 0
330 4 6 4 0 0 0

330 2 4 3 6 6 6 67
510 1 2 4 0 0 0
520 1 6 6 6 67
530 2 3 0 0 0
540 3 5 0 0 0
550 1 5 0 0 0
560 3 0 0 0
570 5 0 0 0
580 9 0 0 0
590 2 8 0 0 0

330 2 2 0 3 3 3 33
310 2 2 0 3 3 3 33

310 2 0 0 0 0 0
320 2 0 0 0 0 0

Page 3
F Debit Credit
240
### 5 1 0 0 0
510 5 1 0 0 0

250 2 8 0 0 0
590 2 8 0 0 0
 Dr. Nick Marasigan
WORKSHEET
October 30,2019
Account Titles Trial Balance Adjustments
Dr Cr Dr
Cash 114,000
Account Recievable 204,000
Medical Supplies 56,000
Prepaid Insurance 20,000
Land 250,000
Medical Building 1,000,000
Accumulated Depreciation- Bldg.
Medical Equipment 465,000
Accumulated Depreciation-Eqpt.
24% Notes Payable 400,000
20% Notes Payable 1,200,000
Accounts Payable 49,000
Salaries Payable
Interest Payable
Unearned Research Revenue 90,000 30,000
Marasigan, Capital 250,000
Marasigan, Withdrawals 200,000
Income Summary
Medical Revenues 434,000
Research Revenues
Salaries Expense 73,000 51,000
Insurance Expense 1,666.67
Repairs Expense 23,000
Supplies Expense 35,000
Association Dues Expense 15,000
Telephone Expense 3,000
Depreciation Expense- Bldg. 5,000
Depreciation Expense- Eqpt. 9,000
Interest Expense 28,000
Total 2,423,000 2,423,000 159,667
Profit
Total
 Dr. Nick Marasigan
WORKSHEET
October 30,2019
Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Cr Dr Cr Dr Cr Dr Cr
114,000 114,000
204,000 204,000
35,000 21,000 21,000
1,666.67 18,333.33 18,333.33
250,000 250,000
1,000,000 1,000,000
5,000 5,000 5,000
465,000 465,000
9,000 9,000 9,000
400,000 400,000
1,200,000 1,200,000
49,000 49,000
51,000 51,000 51,000
28,000 28,000 28,000
60,000 60,000
250,000 250,000
200,000 200,000

434,000 434,000
30,000 30,000 30,000
124,000 124,000
1,666.67 1,666.67
23,000 23,000
35,000 35,000
15,000 15,000
3,000 3,000
5,000 5,000
9,000 9,000
28,000 28,000
159,667 2,516,000 2,516,000 243,666.67 464,000 2,272,333.33 2,052,000
220,333.33 220,333.33
464,000.00 464,000.00 2,272,333.33 2,272,333.33
 Dr. Nick Marasigan
Statement of Comprehensive Income
For the moth ended October 30,2019

Medical Revenues 434,000

Research Revenues 30,000
Less: Expenses
Salaries Expense 124,000
Insurance Expense 1,666.67
Repairs Expense 23,000
Supplies Expense 35,000
Association Dues Expense 15,000
Telephone Expense 3,000
Depreciation Expense- Bldg. 5,000
Depreciation Expense- Eqpt. 9,000
Interest Expense 28,000
Total Expenses 243,666.67
220,333.33
 Dr. Nick Marasigan
Statement of Changes in Equity St
For the moth ended October 30,2019

Marasigan, Capital 10-01-19 250,000 Current Assets

Add: Profit 220,333.33
Total 470,333.33
Less: Marasigan, Withdrawals 200,000
Marasigan, Capital 10-30-19 270,333.33
Total Current Assets

Non- Current Assets

Total Non- Current Assets

TOTAL ASSETS

Current Liabilities

Total Liabilities

Marasigan, Capital
TOTAL LIABILITIES AND OWNER'S E
 Dr. Nick Marasigan
Statement of Financial Position
As of October 30,2019
ASSETS

Cash 114,000
Account Recievable 204,000
Medical Supplies 21,000
Prepaid Insurance 18,333.33
357,333.33

Land 250,000
Medical Building 1,000,000
Accumulated Depreciation- Bldg. 5,000
Medical Equipment 465,000
Accumulated Depreciation-Eqpt. 9,000 1,701,000
Current Assets 2,058,333.33

LIABILITIES

24% Notes Payable 400,000

20% Notes Payable 1,200,000
Accounts Payable 49,000
Salaries Payable 51,000
Interest Payable 28,000
Unearned Research Revenue 60,000
1,788,000
OWNER'S EQUITY
270,333.33
ILITIES AND OWNER'S EQUITY 2,058,333.33
 Dr. Nick Marasigan
Post- Closing Trial Blance
As of October 30,2019

Account Titles Debit Credit

Cash 114,000
Account Recievable 204,000
Medical Supplies 21,000
Prepaid Insurance 18,333.33
Land 250,000
Medical Building 1,000,000
Accumulated Depreciation- Bldg. 5,000
Medical Equipment 465,000
Accumulated Depreciation-Eqpt. 9,000
24% Notes Payable 400,000
20% Notes Payable 1,200,000
Accounts Payable 49,000
Salaries Payable 51,000
Interest Payable 28,000
Unearned Research Revenue 60,000
Marasigan, Capital 270,333.33
Total 2,072,333 2,072,333