DATE ENTRIES

October 1 Cash
Marasigan, Capital

1 Medical Building
Land
Cash
20% Notes Payable

1 Medical Equipment
Medical Supplies
Cash
24% Notes Payable

2 Prepaid Insurance
Cash

4 Cash
Medical Revenues

7 Medical Supplies
Accounts Payable

10 Salaries Expense
Cash

12 Cash
Unearned Research Revenues

18 Accounts Receivable
Medical Revenues

21 Repairs Expense
Cash

23 Telephone Expense
Cash

24 Medical Equipment
Accounts Payable

25 Cash
Accounts Receivable
25 Salaries Expense
Cash

27 Accounts Payable
Cash

30 Marasigan, Withdrawals
Cash

30 Association Dues Expense

Cash

31 Depreciation Expense - Building

A/D - Medical Building

31 Depreciation Expense - Equipment

A/D - Medical Equipment

31 Interest Expense
Interest Payable (20%)

31 Interest Expense
Interest Payable (24%)

31 Insurance Expense
Prepaid Insurance

31 Supplies Expense
Medical Supplies

31 Salaries Expense
Salaries Payable

31 Medical Revenues
Income Summary

31 Income Summary
Salaries Expense
Repairs Expense
Telephone Expense
Association Dues Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Interest Expense
Insurance Expense
 Supplies Expense

31 Income Summary
Marasigan, Capital

31 Marasigan, Capital
Marasigan, Withdrawals

November 1 Salaries Payable

Salaries Expense

5 Medical Supplies
Accounts Payable

10 Salaries Expense
Cash

12 Cash
Medical Revenues

19 Accounts Receivable
Medical Revenues

25 Salaries Expense
Cash

26 Telephone Expense
Cash

26 Cash
Accounts Receivable

27 Accounts Payable
Cash

27 Marasigan, Withdrawals
Cash

31 Depreciation Expense - Building

A/D - Medical Building

31 Depreciation Expense - Equipment

A/D - Medical Equipment

31 Interest Expense
 Interest Payable (20%)

31 Interest Expense
Interest Payable (24%)

31 Insurance Expense
Prepaid Insurance

31 Supplies Expense
Medical Supplies

31 Salaries Expense
Salaries Payable

31 Unearned Research Revenues

Research Revenues

31 Medical Revenues
Research Revenues
Income Summary

31 Income Summary
Salaries Expense
Telephone Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Interest Expense
Insurance Expense
Supplies Expense

31 Income Summary
Marasigan, Capital

31 Marasigan, Capital
Marasigan, Withdrawals

December 1 Salaries Payable

Salaries Expense

4 Medical Supplies
Accounts Payable

4 Cash
Medical Revenues
10 Salaries Expense
Cash

18 Accounts Receivable
Medical Revenues

24 Cash
Accounts Receivable

24 Salaries Expense
Cash

28 Telephone Expense
Cash

28 Accounts Payable
Cash

28 Marasigan, Withdrawals
Cash

31 Depreciation Expense - Building

A/D - Medical Building

31 Depreciation Expense - Equipment

A/D - Medical Equipment

31 Interest Expense
Interest Payable (20%)

31 Interest Expense
Interest Payable (24%)

31 Insurance Expense
Prepaid Insurance

31 Supplies Expense
Medical Supplies

31 Salaries Expense
Salaries Payable

31 Unearned Research Revenues

Research Revenues
31 Medical Revenues
Research Revenues
Income Summary

31 Income Summary
Salaries Expense
Telephone Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Interest Expense
Insurance Expense
Supplies Expense

31 Income Summary
Marasigan, Capital

31 Marasigan, Capital
Marasigan, Withdrawals
DEBIT CREDIT

₱ 250,000.00
₱ 250,000.00

₱ 1,000,000.00 ok Depreciation
₱ 250,000.00
₱ 50,000.00
₱ 1,200,000.00 ok Interest Expense

₱ 420,000.00 ok Depreciation
₱ 39,000.00 ok Supplies Expense
₱ 59,000.00
₱ 400,000.00 ok Interest Expense

₱ 20,000.00 ok Insurance Expense

₱ 20,000.00

₱ 117,000.00
₱ 117,000.00 ok Income Summary

₱ 17,000.00 ok Supplies Expense

₱ 17,000.00

₱ 73,000.00 ok Income Summary

₱ 73,000.00

₱ 90,000.00
₱ 90,000.00 ok Research Revenues on Nov. and December

₱ 317,000.00
₱ 317,000.00 ok Income Summary

₱ 23,000.00 ok Income Summary

₱ 23,000.00

₱ 3,000.00 ok Income Summary

₱ 3,000.00

₱ 45,000.00 ok Depreciation on Nov.

₱ 45,000.00

₱ 113,000.00
₱ 113,000.00
₱ 110,000.00 ok Income Summary
₱ 110,000.00

₱ 13,000.00
₱ 13,000.00

₱ 100,000.00 ok Equity
₱ 100,000.00

₱ 15,000.00 ok Income Summary

₱ 15,000.00

₱ 5,000.00 ok Income Summary

₱ 5,000.00

₱ 3,000.00 ok Income Summary

₱ 3,000.00

₱ 20,000.00 ok Income Summary

₱ 20,000.00

₱ 8,000.00 ok Income Summary

₱ 8,000.00

₱ 1,666.67 ok Income Summary

₱ 1,666.67

₱ 35,000.00 ok Income Summary

₱ 35,000.00

₱ 38,000.00 ok Income Summary

₱ 38,000.00

₱ 434,000.00
₱ 434,000.00 ok Equity

₱ 334,666.67
₱ 221,000.00
₱ 23,000.00
₱ 3,000.00
₱ 15,000.00
₱ 5,000.00
₱ 3,000.00
₱ 28,000.00
₱ 1,666.67
 ₱ 35,000.00 ok Equity

₱ 99,333.33
₱ 99,333.33

₱ 100,000.00
₱ 100,000.00

₱ 38,000.00
₱ 38,000.00 ok Income Summary

₱ 44,000.00 ok Supplies Expense

₱ 44,000.00

₱ 108,000.00 ok Income Summary

₱ 108,000.00

₱ 122,000.00
₱ 122,000.00 ok Income Summary

₱ 325,000.00
₱ 325,000.00 ok Income Summary

₱ 109,000.00 ok Income Summary

₱ 109,000.00

₱ 3,000.00 ok Income Summary

₱ 3,000.00

₱ 219,000.00
₱ 219,000.00

₱ 40,000.00
₱ 40,000.00

₱ 100,000.00 ok Equity
₱ 100,000.00

₱ 5,000.00 ok Income Summary

₱ 5,000.00

₱ 3,750.00 ok Income Summary

₱ 3,750.00

₱ 20,000.00 ok Income Summary

 ₱ 20,000.00

₱ 8,000.00 ok Income Summary

₱ 8,000.00

₱ 1,666.67 ok Income Summary

₱ 1,666.67

₱ 60,000.00 ok Income Summary

₱ 60,000.00

₱ 38,000.00 ok Income Summary

₱ 38,000.00

₱ 30,000.00
₱ 30,000.00 ok Income Summary

₱ 447,000.00
₱ 30,000.00
₱ 477,000.00 ok Equity

₱ 318,416.67 ok Equity
₱ 217,000.00
₱ 3,000.00
₱ 5,000.00
₱ 3,750.00
₱ 28,000.00
₱ 1,666.67
₱ 60,000.00

₱ 158,583.33
₱ 158,583.33

₱ 100,000.00
₱ 100,000.00

₱ 38,000.00
₱ 38,000.00 ok Income Summary

₱ 60,000.00 ok Supplies Expense

₱ 60,000.00

₱ 131,000.00
₱ 131,000.00 ok Income Summary
₱ 115,000.00 ok Income Summary
₱ 115,000.00

₱ 332,000.00
₱ 332,000.00 ok Income Summary

₱ 332,000.00
₱ 332,000.00

₱ 172,500.00 ok Income Summary

₱ 172,500.00

₱ 3,000.00 ok Income Summary

₱ 3,000.00

₱ 63,000.00
₱ 63,000.00

₱ 100,000.00 ok Equity
₱ 100,000.00

₱ 5,000.00 ok Income Summary

₱ 5,000.00

₱ 3,750.00 ok Income Summary

₱ 3,750.00

₱ 20,000.00 ok Income Summary

₱ 20,000.00

₱ 8,000.00 ok Income Summary

₱ 8,000.00

₱ 1,666.67 ok Income Summary

₱ 1,666.67

₱ 58,000.00 ok Income Summary

₱ 58,000.00

₱ 38,000.00 ok Income Summary

₱ 38,000.00

₱ 30,000.00
₱ 30,000.00 ok Income Summary
₱ 463,000.00
₱ 30,000.00
₱ 493,000.00 ok Equity

₱ 386,916.67 ok Equity
₱ 287,500.00
₱ 3,000.00
₱ 5,000.00
₱ 3,750.00
₱ 28,000.00
₱ 1,666.67
₱ 58,000.00

₱ 106,083.33
₱ 106,083.33

₱ 100,000.00
₱ 100,000.00
TO BE ADJUSTED
ADJUSTMENT ENTRIES
REVENUES
EXPENSE
CLOSING ENTRIES
WITHDRAWALS
REVERSING ENTRIES
TO BE CLOSED IN IC
Reversing Reversing
₱ 287,500.00
 ACCOUNT BREAKDOWN
ASSETS
DEBIT CREDIT
CASH ₱ 250,000.00
₱ 50,000.00
₱ 59,000.00
₱ 20,000.00
₱ 117,000.00
₱ 73,000.00
₱ 90,000.00
₱ 23,000.00
₱ 3,000.00
₱ 113,000.00
₱ 110,000.00
₱ 13,000.00
₱ 100,000.00
₱ 15,000.00
₱ 108,000.00
₱ 122,000.00
₱ 109,000.00
₱ 3,000.00
₱ 219,000.00
₱ 40,000.00
₱ 100,000.00
₱ 131,000.00
₱ 115,000.00
₱ 332,000.00
₱ 172,500.00
₱ 3,000.00
₱ 63,000.00
₱ 100,000.00

ACCOUNTS RECEIVABLE ₱ 317,000.00

₱ 113,000.00
₱ 325,000.00
₱ 219,000.00
₱ 332,000.00
₱ 332,000.00

MEDICAL SUPPLIES ₱ 39,000.00

₱ 17,000.00
₱ 35,000.00
₱ 44,000.00
 ₱ 60,000.00
₱ 60,000.00
₱ 58,000.00

PREPAID INSURANCE ₱ 20,000.00

₱ 1,666.67
₱ 1,666.67
₱ 1,666.67

LAND ₱ 250,000.00

MEDICAL BUILDING ₱ 1,000,000.00

A/D - MEDICAL BUILDING ₱ 5,000.00

₱ 5,000.00
₱ 5,000.00

MEDICAL EQUIPMENT ₱ 420,000.00

₱ 45,000.00

A/D MEDICAL EQUIPMENT ₱ 3,000.00

₱ 3,750.00
₱ 3,750.00

₱ 4,243,000.00 ₱ 2,127,000.01

LIABILITIES AND EQUITY

ACCOUNTS PAYABLE ₱ 17,000.00
₱ 45,000.00
₱ 13,000.00
₱ 44,000.00
₱ 40,000.00
₱ 60,000.00
₱ 63,000.00

24% NOTES PAYABLE ₱ 400,000.00

20% NOTES PAYABLE ₱ 1,200,000.00

SALARIES PAYABLE ₱ 38,000.00

 ₱ 38,000.00
₱ 38,000.00
₱ 38,000.00
₱ 38,000.00

INTEREST PAYABLE ₱ 20,000.00

₱ 8,000.00
₱ 20,000.00
₱ 8,000.00
₱ 20,000.00
₱ 8,000.00

UNEARNED RESEARCH REVENUES ₱ 90,000.00

₱ 30,000.00
₱ 30,000.00

MARASIGAN, CAPITAL ₱ 250,000.00

₱ 99,333.33
₱ 100,000.00
₱ 158,583.33
₱ 100,000.00
₱ 106,083.33
₱ 100,000.00

₱ 552,000.00 ₱ 2,667,999.99

TOTAL DEBITS AND CREDITS ₱ 4,795,000.00 ₱ 4,795,000.00

 TOTAL

₱ 94,500.00

₱ 310,000.00
₱ 7,000.00

₱ 14,999.99

₱ 250,000.00

₱ 1,000,000.00

-₱ 15,000.00

₱ 465,000.00

-₱ 10,500.00
₱ 2,115,999.99

₱ 50,000.00

₱ 400,000.00

₱ 1,200,000.00
₱ 38,000.00

₱ 84,000.00

₱ 30,000.00

₱ 313,999.99
₱ 2,115,999.99