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N Marasigan

The document summarizes the transactions of Dr. N. Marasigan's medical practice for October 2016. It provides a trial balance as of the end of the month, including cash, accounts receivable, assets and expenses. It also lists notes payable, accounts payable, equity, revenues and various income and expense accounts. Adjustments are made to reclassify certain accounts for prepaid expenses, supplies, depreciation, salaries and revenues. The adjusted trial balance includes these reclassified accounts.

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Marikris Cadiente
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504 views16 pages

N Marasigan

The document summarizes the transactions of Dr. N. Marasigan's medical practice for October 2016. It provides a trial balance as of the end of the month, including cash, accounts receivable, assets and expenses. It also lists notes payable, accounts payable, equity, revenues and various income and expense accounts. Adjustments are made to reclassify certain accounts for prepaid expenses, supplies, depreciation, salaries and revenues. The adjusted trial balance includes these reclassified accounts.

Uploaded by

Marikris Cadiente
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Date Account Titles PR Debit Credit

October 1 Cash 250,000.00


Marasigan, Capital 250,000.00

1 Medical Building 1,000,000.00


Land 250,000.00
Cash 50,000.00
25% Notes Payable 1,200,000.00

1 Medical Equipment 420,000.00


Supplies Expense 39,000.00
Cash 59,000.00
30% Notes Payable 400,000.00

2 Insurance Expense 60,000.00


Cash 60,000.00

4 Cash 117,000.00
Medical Revenues 117,000.00

7 Supplies Expense 17,000.00


Accounts Payable 17,000.00

10 Salaries Expense 73,000.00


Cash 73,000.00

12 Cash 90,000.00
Research Revenues 90,000.00

18 Accounts Receivables 317,000.00


Medical Revenues 317,000.00

21 Repairs Expense 30,000.00


Cash 30,000.00

23 Telephone Expense 3,000.00


Cash 3,000.00

24 Medical Equipment 45,000.00


Accounts Payable 45,000.00

25 Cash 113,000.00
Accounts Receivable 113,000.00

27 Accounts Payable 15,000.00


Cash 15,000.00
30 Marasigan, Withdrawals 200,000.00
Cash 200,000.00

30 Association Dues Expense 15,000.00


Cash 15,000.00

3,054,000.00 3,054,000.00
Date Account Titles PR Debit Credit
October Prepaid Insurance 55,000.00
Insurance Expense 55,000.00

Medical Supplies 21,000.00


Supplies Expense 21,000.00

Depreciation Expense-Bldg 8,333.33


Accumulated Depreciation-Bldg 8,333.33

Depreciation Expense-Equip 7,750.00


Accumulated Depreciation-Equip 7,750.00

Research Revenue 45,000.00


Unearned Research Revenue 45,000.00

Salaries Expense 50,000.00


Salaries Payable 50,000.00

Interest Expense 35,000.00


Interest Payable 35,000.00
Assets Liabilities

CASH 25% Notes Payable


250,000.00 50,000.00 1,200,000.00
117,000.00 59,000.00
90,000.00 60,000.00 1,200,000.00
113,000.00 73,000.00
30,000.00
3,000.00 30% Notes Payable
15,000.00 400,000.00
200,000.00
15,000.00 400,000.00
570,000.00 505,000.00

65,000.00 Accounts Payable


15,000.00 17,000.00
45,000.00
Accounts Receivable
317,000.00 113,000.00 15,000.00 62,000.00

204,000.00 47,000.00

Land Salaries Payable


250,000.00 50,000.00

250,000.00

Medical Building
1,000,000.00 Interest Payable
35,000.00
1,000,000.00

Medical Equipment
420,000.00
45,000.00 Unearned Research Revenues
45,000.00
465,000.00

Medical Suppies
21,000.00
Prepaid Insurance
55,000.00

Accumulated Depreciation-Bldg
8,333.33

Accumulated Depreciation-Equip
7,750.00
Equity/Income/Expenses

Marasigan, Capital
250,000.00

250,000.00

Marasigan Withdrawals
200,000.00

200,000.00

Medical Revenues
117,000.00
317,000.00

434,000.00

Research Revenues
90,000.00
45,000.00

45,000.00

Salaries Expense
73,000.00
50,000.00

123,000.00

Insurance Expense
60,000.00
55,000.00
5,000.00
Repairs Expense
30,000.00

Supplies Expense
39,000.00
17,000.00
21,000.00
56,000.00
35,000.00

Association Dues Expense


15,000.00

Telephone Expense
3,000.00

Depreciation Expense-Bldg
8,333.33

Depreciation Expense-Equip
7,750.00

Interest Expense
35,000.00
N. Marasigan, MD
AS of the end of October 2016
Trial Balance Adjustments
Account Titles
Debit Credit Debit
Cash 65,000.00
Accounts Receivable 204,000.00
Medical Supplies 21,000.00
Prepaid Insurance 55,000.00
Land 250,000.00
Medical Building 1,000,000.00
Accumulated Depreciation-Bldg
Medical Equipment 465,000.00
Accumulated Depreciation-Equip.

25% Notes Payable 1,200,000.00


30% Notes Payable 400,000.00
Accounts Payable 47,000.00
Salaries Payable
Interest Payable
Unearned Research Revenues
Marasigan, Capital 250,000.00
Marasigan, Withdrawals 200,000.00
Income Summary
Medical Revenues 434,000.00
Research Revenues 90,000.00 45,000.00
Salaries Expense 73,000.00 50,000.00
Insurance Expense 60,000.00
Repairs Expense 30,000.00
Supplies Expense 56,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense-Bldg 8,333.33
Depreciation Expense-Equip 7,750.00
Interest Expense 35,000.00

TOTAL 2,421,000.00 2,421,000.00 222,083.33


Adjustments Adjusted Trial Balance
Credit Debit Credit
65,000.00
204,000.00
21,000.00
55,000.00
250,000.00
1,000,000.00
8,333.33 8,333.33
465,000.00

7,750.00 7,750.00
1,200,000.00
400,000.00
47,000.00
50,000.00 50,000.00
35,000.00 35,000.00
45,000.00 45,000.00
250,000.00
200,000.00

434,000.00
45,000.00
123,000.00
55,000.00 5,000.00
30,000.00
21,000.00 35,000.00
15,000.00
3,000.00
8,333.33
7,750.00
35,000.00

222,083.33 2,522,083.33 2,522,083.33


N. Marasigan, M.D.
Statement of Compresehensive Income
For the month ended October 31, 2016

Revenues:
Medical Revenues 434,000.00
Research Revenues 45,000.00 479,000.00

Expenses
Salaries Expense 123,000.00
Insurance Expense 5,000.00
Repairs Expense 30,000.00
Supplies Expense 35,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense-Bldg 8,333.33
Depreciation Expense-Equip 7,750.00
Interest Expense 35,000.00 (262,083.33)

Net Income 216,916.67


N. Marasigan, M.D.
Statement of Changes in Equity
For the month ended October 31, 2016

Beginning Capital 250,000.00


Add: Net Income 216,916.67
Less: Drawings 200,000.00

Ending Capital 266,916.67


N. Marasigan, M.D.
Statement of Financial Position
As of October 31, 2016

Assets:
Current Assets:
Cash 65,000.00
Accounts Receivable 204,000.00
Medical Supplies 21,000.00
Prepaid Insurance 55,000.00

Non-current Assets:
Land 250,000.00
Medical Building 1,000,000.00
Accumulated Depreciation-Bldg (8,333.33)
Medical Equipment 465,000.00
Accumulated Depreciation-Equip. (7,750.00)

Total Assets

Liabilities and Equity


Current Liabilities
30% Notes Payable 400,000.00
Accounts Payable 47,000.00
Salaries Payable 50,000.00
Interest Payable 35,000.00
Unearned Research Revenues 45,000.00

Non-current Liabilities
25% Notes Payable

Total Liabilities

Marasigan, Capital

Total Liabilities and Equity


345,000.00

1,698,916.67

2,043,916.67

577,000.00

1,200,000.00

1,777,000.00

266,916.67

2,043,916.67
Account Titles PR Debit Credit
Medical Revenues 434,000.00
Research Revenues 45,000.00
Income Summary 479,000.00

Income Summary 262,083.33


Salaries Expense 123,000.00
Insurance Expense 5,000.00
Repairs Expense 30,000.00
Supplies Expense 35,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense-Bldg 8,333.33
Depreciation Expense-Equip 7,750.00
Interest Expense 35,000.00

Income Summary 216,916.67


Marasigan, Capital 216,916.67

Marasigan, Capital 200,000.00


Marasigan, Withdrawals 200,000.00
N. Marasigan, M.D.
Post-Closing Trial Balance
As of October 31, 2016

Account Titles Debit Credit

Cash 65,000.00
Accounts Receivable 204,000.00
Medical Supplies 21,000.00
Prepaid Insurance 55,000.00
Land 250,000.00
Medical Building 1,000,000.00
Accumulated Depreciation-Bldg 8,333.33
Medical Equipment 465,000.00
Accumulated Depreciation-Equip. 7,750.00
25% Notes Payable 1,200,000.00
30% Notes Payable 400,000.00
Accounts Payable 47,000.00
Salaries Payable 50,000.00
Interest Payable 35,000.00
Unearned Research Revenues 45,000.00
Marasigan, Capital 266,916.67

Total 2,060,000.00 2,060,000.00

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