Date Account Title PR Debit Credit Date

2019 2019
October 1 Cash 110 250000 October 21
Marasigan, Capital 310 250000
To record investment

1 Medical Buiding 160 1000000 23

Land 150 250000
Cash 110 50000
20% Notes Payable 220 1200000
To record purchase 24

1 Medical Equipment 170 420000

Medical Supplies 130 39000
Cash 110 59000 25
24% Notes Payable 210 400000
To record purchase

2 Prepaid Insurance 140 20000 27

Cash 110 20000
To record insurance

4 Cash 110 117000 30

Medical Revenues 410 117000
To record income

7 Medical Supplies 130 17000 30

Accounts Payable 230 17000
To record purchase

10 Salaries Expense 510 73000

Cash 110 73000
To record expense

12 Cash 110 90000

Unearned research revenues 260 90000
To record unearned revenues

18 Accounts Receivable 120 317000

Medical Revenues 410 317000
To record income

Date Account Title PR Debit Credit Date

2019 2019
October 31 Insurance Expense 520 1667 October 31
Prepaid Insurance 140 1667
To record insurance expired

31 Supplies Expense 540 35000 31

Medical Supplies 130 35000
To record supplies used

31 Depreciation Expense- Bldg. 570 5000

Depreciation Expense- Equipt. 580 9000
 Accumulated Depreciation - MB 165 5000
Accumulated Depreciation - ME 175 9000
To record monthly depreciation

31 Unearned Research Revenues 260 30000

Research Revenues 420 30000
To record reseach revenue

31 Salaries Expense 510 51000

Salaries Payable 240 51000
To record accrued salaries

31 Interest expense 590 28000

Interest Payable 250 28000
To record interest on notes

31 Medical Revenues 410 434000

Research Revenues 420 30000
Income Summary 330 464000
To close revenues

31 Income Summary 310 243667

Salaries Expense 510 124000
Insurance Expense 520 1667
Repairs Expense 530 23000
Supplies Expense 540 35000
Association Dues Expense 550 15000
Telephone Expense 560 3000
Depreciation Expense- Bldg. 570 5000
Depreciation Expense- Equipt. 580 9000
Interest Expense 590 28000
To close expenses

Date Account Title PR Debit Credit

2019
November 1 Salaries Payable 240 51000
Salaries Expense 510 51000
Reversing entry for accrued salaries

1 Interest Payable 250 28000

Interest expense 590 28000
Reversing entry for interest on notes
 Account Title PR Debit Credit

Repairs Expense 530 23000

Cash 110 23000
To record expense

Telephone Expense 560 3000

Cash 110 3000
To record expense

Medical Equipment 170 45000

Accounts Payable 230 45000
To record purchase

Cash 110 113000

Accounts Receivable 120 113000
To record collection

Accounts Payable 230 13000

Cash 110 13000
To record purchase

Marasigan, Withdrawals 320 200000

Cash 110 200000
To record drawings

Association Dues Expense 550 15000

Cash 110 15000
To record expense

Account Title PR Debit Credit

Income Summary 330 220333

Marasigan, Capital 310 220333
To close income summary

Marasigan, Capital 310 200000

Marasigan, Withdrawals 320 200000
To close withdrawals
 Dr. Nick Marasigan
Income Statement
For the Month Ended October 31, 2015
Medical Revenues 434000
Research Revenues 30000
Less: Expenses
Salaries Expense 124000
Insurance Expense 1667
Repairs Expense 23000
Supplies Expense 35000
Association Dues Expense 15000
Telephone Expense 3000
Depreciation Expense- Bldg. 5000
Depreciation Expense- Equipt. 9000
Interest Expense 28000 243667
Net Profit 220333

Dr. Nick Marasigan

Balance Sheet
October 31, 2015
Assets
Currents Assets
Cash 114000
Accounts Receivable 204000
Medical Supplies 21000
Prepaid Insurance 18333
Non current assets
Land 250000
Medical Building 1000000
Less: Accumulated Depreciation - MB 5000 995000
Medical Equipment 465000
Less: Accumulated Depreciation - ME 9000 456000
Total Assets 2058333
 Dr. Nick Marasigan
Statement of Owner's Equity
For the Month Ended October 31, 2015
Investments 250000
Add: Profit 220333
Less: Withdrawals 200000
Marasigan, Owner's Equity 270333

gan

15
Liabilities
24% Note Payable 400000
20% Note Payable 1200000
Accounts Payable 49000
Salaries Payable 51000
Interest Payable 28000
Unearned Research Revenue 60000
Total Liabilities 1788000

Owner's Equity
Marasigan, Capital 270333
Total Liabilities and Owner's Equity 2058333
 Dr. Nick Marasigan
Worksheet
For the Month Ended October 31, 2015

Unadjusted TB Adjustments Adjusted TB

Debit Credit Debit Credit Debit Credit
Cash 114000 114000
Accounts Receivable 204000 204000
Medical Supplies 56000 35000 21000
Prepaid Insurance 20000 1667 18333
Land 250000 250000
Medical Building 1000000 1000000
Accumulated Depreciation - MB 5000 5000
Medical Equipment 465000 465000
Accumulated Depreciation - ME 9000 9000
24% Note Payable 400000 400000
20% Note Payable 1200000 1200000
Accounts Payable 49000 49000
Salaries Payable 51000 51000
Interest Payable 28000 28000
Unearned Research Revenue 90000 30000 60000
Marasigan, Capital 250000 250000
Marasigan, Withdrawals 200000 200000
Income Summary
Medical Revenues 434000 434000
Research Revenues 30000 30000
Salaries Expense 73000 51000 124000
Insurance Expense 1667 1667
Repairs Expense 23000 23000
Supplies Expense 35000 35000
Association Dues Expense 15000 15000
Telephone Expense 3000 3000
Depreciation Expense- Bldg. 5000 5000
Depreciation Expense- Equipt. 9000 9000
Interest Expense 28000 28000
2423000 2423000 159667 159667 2516000 2516000

Dr. Nick Marasigan

Post Closing Trial Balance
October 31, 2015

Cash 114000
Accounts Receivable 204000
Medical Supplies 21000
Prepaid Insurance 18333
Land 250000
Medical Building 1000000
Accumulated Depreciation - MB 5000
Medical Equipment 465000
Accumulated Depreciation - ME 9000
24% Note Payable 400000
20% Note Payable 1200000
Accounts Payable 49000
Salaries Payable 51000
Interest Payable 28000
Unearned Research Revenue 60000
Marasigan, Capital 270333
2072333 2072333
Income Statement Balance Sheet
Debit Credit Debit Credit
114000
204000
21000
18333
250000
1000000
5000
465000
9000
400000
1200000
49000
51000
28000
60000
250000
200000

434000
30000
124000
1667
23000
35000
15000
3000
5000
9000
28000
243667 464000 2272333 2052000
220333 220333
464000 464000 2272333 2272333