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Quiz TakeHome Adjusting-Entries

The document provides accounting transactions for Wellness Diagnostic Clinic for the month of December 2022. It includes information on investments, expenses, revenues, and assets. Adjusting entries need to be made at the end of December for various accounts like prepaid rent, supplies, depreciation, and accrued expenses.

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110 views1 page

Quiz TakeHome Adjusting-Entries

The document provides accounting transactions for Wellness Diagnostic Clinic for the month of December 2022. It includes information on investments, expenses, revenues, and assets. Adjusting entries need to be made at the end of December for various accounts like prepaid rent, supplies, depreciation, and accrued expenses.

Uploaded by

lexierodriguez43
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
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CATANDUANES NATIONAL HIGH SCHOOL

;Senior High School Department


Virac, Catanduanes

Name: ____________________________________________ Score: ____________________


Subject: FABM1 Teacher: Shinette T. Oliveros
Section: ______________________ Date: ________________ Portfolio#12_Adjusting Entries

The following are transactions of Wellness Diagnostic Clinic, owned by Iren for the month of December. Wellness Diagnostic uses a
calendar year in its financial reporting. Below is the Chart of Accounts used by the clinic in recording its transactions.

Chart of Accounts

Cash
Prepaid Rent
Office Supplies
Land
Office Equipment
Medical Equipment
Transportation Equipment
Accounts Payable
Unearned Medical Services Revenue
Accrued Repairs and Maintenance Expenses
Notes Payable
Iren, Capital
Iren, Drawings
Medical Services Revenue
Rent Expense
Salaries Expense
Repairs and Maintenance Expense
Utilities Expense

2022
Dec 2 Ms. Iren invested P1,550,000 cash in the business. In addition, a parcel of land worth P2,400,000 was also bought
and invested in the business.
Paid advance rent for one year with a monthly rent of P10,000.
Bought 2 units of laptops worth P35,000 each for cash.
5 Purchased medical equipment worth P320,000 from RGS Company on account. Term: 25% downpayment balance
payable in 10 days.
10 Ms. Iren withdrew P25,000 cash for personal use.
One of the laptops bought was defective and was returned to the seller. Cash for the purchase price was returned by
the seller.
12 Purchased office supplies amounting to P180,000.
15 Applied for a 6%, 5-year interest-bearing loan at RCBC amounting to P3,000,000 and was released by the bank on
the same day. The loan was intended for the construction of a building for the clinic. Ms. Iren issued a promissory
note to the bank.
16 Signed a medical contract from JM Company for 6 months with a monthly medical fee of P15,000. The medical
contract of P90,000 for 6 months was paid by JM Company upon signing of the contract.
20 Purchased transportation equipment from Honda Motors for P600,000 paying 20% down and balance on account.
Rendered medical services for cash P135,000.
Rendered medical services to Ms. Beatriz, P80,000 who cannot pay in cash but issued a note instead.
25 Paid medical staff’s salary for the month, P35,000 and paid the utilities for the month, P12,000.
29 Repairs to the clinic were done and were billed by the contractor. The wellness clinic scheduled the payment on
January 9, 2023.

Additional Information:
a. The estimated useful life of the laptop is 3 years.
b. The estimated useful life of medical equipment is 5 years with a salvage value of P5,000.
c. The estimated useful life of the transportation Equipment is 10 years with a salvage value of P15,000.
d. On December 31 the record shows that supplies on hand are worth P150,000.
Instructions:
1. Journalize the transactions of Wellness Diagnostic Clinic for the month of December 2022.(14 points)
2. Post the transaction to the T-Account.
3. Prepare Unadjusted Trial Balance
4. Journalize the adjusting entries at the end of the accounting period on December 31, 2022.
5. Prepare the Adjusted Trial Balance.

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