DATE ACCOUNT TITLES AND EXPLANATIONS DEBIT CREDIT

Oct 1 Cash 250,000

Marasigan, Capital 250,000

1 Medical Building 1,000,000

Land 250,000
Cash 50,000
20% Notes Payable 1,200,000

1 Medical Equipment 420,000

Medical Supplies 39,000
Cash 59,000
24% Notes payable 400,000

2 Prepaid Insurance 20,000

Cash 20,000

4 Cash 117,000
Medical Revenues 117,000

7 Medical Supplies 17,000

Accounts Payable 17,000

10 Salaries Expense 73,000

Cash 73,000

12 Cash 90,000
Unearned Research Revenues 90,000

18 Account Receivable 317,000

Medical Revenues 317,000

21 Repairs Expense 23,000

Cash 23,000

23 Telephone Expense 3,000

Cash 3,000

24 Medical Equipment 45,000

Accounts Payable 45,000

25 Cash 113,000
Accounts Receivable 113,000

27 Accounts Payable 13,000

Cash 13,000
30 Marasigan, Withdrawals 200,000
Cash 200,000

30 Association Dues Expense 15,000

Cash 15,000
POINT SYSTEM= 1 POINT PER TRANSACTION (TOTAL = 16 POINTS)
T- ACCOUNT: (1 POINT PER ACCOUNT) TOTAL = 18 POINTS
ENDING BALANCES
CASH = 114,000 DR
ACCOUNT RECEIVABLE = 204,000 DR
MEDICAL SUPLLIES= 56,000 DR
PREPAID INSURANCE = 20,000 DR
LAND= 250,000
MEDICAL BUILDING = 1,000,000 DR
MEDICAL EQUIPMENT = 465,000 DR
24% NOTES PAYABLE = 400,000 CR
20% NOTES PAYABLE =1,200,000 CR
ACCOUNTS PAYABLE= 49,000 CR
UNEARNED RESEARCH REVENUES= 90,000 CR
MARASIGAN, CAPITAL= 250,000 CR
MARASIGAN, WITHDRAWALS= 200,000 DR
MEDICAL REVENUES= 434,000 CR
SALARIES EXPENSE = 73,000 DR
REPAIR EXPENSE= 23,000 DR
ASSOCIATION DUES EXPENSE= 15,000 DR
TELEPHONE EXPENSE = 3,000

DR. NICK MARASIGAN, MD

UNADJUSTED TRIAL BALANCE
OCTOBER 2015
ACCOUNT TITLES DEBIT CREDIT
CASH 114,000
ACCOUNT RECEIVABLE 204,000
MEDICAL SUPLLIES 56,000
PREPAID INSURANCE 20,000
LAND 250,000
MEDICAL BUILDING 1,000,000
MEDICAL EQUIPMENT 465,000
24% NOTES PAYABLE 400,000
20% NOTES PAYABLE 1,200,000
ACCOUNTS PAYABLE 49,000
UNEARNED RESEARCH REVENUES 90,000
MARASIGAN, CAPITAL 250,000
MARASIGAN, WITHDRAWALS 200,000
MEDICAL REVENUES 434,000
SALARIES EXPENSE 73,000
REPAIR EXPENSE 23,000
ASSOCIATION DUES EXPENSE 15,000
TELEPHONE EXPENSE 3,000
TOTAL 2,423,000 2,423,000
POINT SYSTEM = 5 POINTS (MINUS 1 FOR EVERY ERROR)
ADJUSTING ENTRIES: 2 POINTS PER ENTRY (TOTAL = 14 POINTS)
ACCOUNT TITLES AND EXPLANATIONS DEBIT CREDIT
A INSURANCE EXPENSE 1,666.67
PREPAID INSURANCE 1,666.67

B SUPPLIES EXPENE 35,000

MEDICAL SUPPLIES 35,000

C DEPRECIATION EXPENSE- MEDICAL BUILDING 5,000

ACUMULATED DEP’N- MEDICAL BUILDING 5,000

DEPERECIATION EXPENSE – MEDICAL EQUIPMENT 9,000

A CUMULATED DEP’N- MEDICAL EQUIOMENT 9,000

D UNEARNED REEARCH REVENUES 30,000

RESEARCH REVENUES 30,000

E SALARIES EXPENSE 51,000

SALARIES PAYABLE 51,000

F INTEREST EXPENSE 28,000

INTEREST PAYABLE 28,000

FINANCIAL STATEMENTS:
DR. NICK MARASIGAN, MD
INCOME TATEMENT
FOR THE PERIOD ENDED OCTOBER 2015
REVENUES
Medical Revenues P434,000
Research Revenues 30,000
Total P464,000

EXPENSES
Salaries Expense P124,000
Insurance Expense 1,667
Repair Expense 23,000
Supplies Expense 35,000
Association Dues Expense 15,000
Telephone Expense 3,000
Depreciation Expense- Medical BLDG 5,000
Depreciation Expense- Medical Eqpmt 9,000
Interest Expense 28,000
Total 243,667

Profit P220,333
 DR. NICK MARASIGAN, MD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED OCTOBER 2015
MARASIGAN, CAPITAL, BEGINNING P250,000
ADD: PROFIT 220,333

BALANCE P470,333
LESS:MARASIGAN, WITHDRAWAL (200,000)

MARASIGAN, CAPITAL, ENDING P270,333

DR. NICK MARASIGAN, MD

BALANCE SHEET
FOR THE PERIOD ENDED OCTOBER 2015
ASSETS
CASH P114,000
ACCOUNT RECEIVABLE 204,000
MEDICAL SUPLLIES 21,000
PREPAID INSURANCE 18,333
TOTAL CURRENT ASSETS P357,333

LAND 250,000
MEDICAL BUILDING 1,000,000
LESS: ACUMULATED DEP’N- MEDICAL BLDG (5,000)
MEDICAL EQUIPMENT 465,000
LESS: ACUMULATED DEP’N- MEDICAL EQPMT (9,000)
TOTAL NON-CURRENT ASSETS 1,701,000

TOTAL ASSETS P2,058,333

LIABILITY AND EQUITY

LIABILTIY
24% NOTES PAYABLE P400,000
20% NOTES PAYABLE 1,200,000
ACCOUNTS PAYABLE 49,000
SALARIES PAYABLE 51,000
INTEREST PAYABLE 28,000
UNEARNED RESEARCH REVENUES 60,000
TOTAL LIABILITY P1,788,000

EQUITY
MARASIGAN, CAPITAL, ENDING 270,333

TOTAL LIABILITY AND EQUITY P2,058,333

POINT SYSTEM = 10 POINTS PER FS. MINUS 2 FOR EVERY MISSING/ERROR

CLOSING ENTRIES: (2 POINTS PER ENTRY)
ACCOUNT TITLES AND EXPLANATIONS DEBIT CREDIT
1 MEDICAL REVENUES 434,000
RESEARCH REVENUES 30,000
INCOME SUMMARY 464,000

2 INCOME SUMMARY 243,667

Salaries Expense 124,000
Insurance Expense 1,667
Repair Expense 23,000
Supplies Expense 35,000
Association Dues Expense 15,000
Telephone Expense 3,000
Depreciation Expense- Medical BLDG 5,000
Depreciation Expense- Medical Eqpmt 9,000
Interest Expense 28,000

3 INCOME SUMMARY 220,333

MARASIGAN, CAPITAL 220,333

4 MARASIGAN, CAPITAL 200,000

MARASIGAN, WITHDRAWAL 200,000

POST- CLOSING TRIAL BALANCE (5 POINTS) MINUS 1 FOR EVERY ERROR

DR. NICK MARASIGAN, MD

POST-CLOSING TRIAL BALANCE
FOR THE PERIOD ENDED OCTOBER 2015
ACCOUNT TITLES DEBIT CREDIT
CASH 114,000
ACCOUNT RECEIVABLE 204,000
MEDICAL SUPLLIES 21,000
PREPAID INSURANCE 18,333
LAND 250,000
MEDICAL BUILDING 1,000,000
ACUMULATED DEP’N- MEDICAL BUILDING 5,000
MEDICAL EQUIPMENT 465,000
ACUMULATED DEP’N- MEDICAL EQUIPMENT 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 REVENUES 60,000
MARASIGAN, CAPITAL 270,333
TOTAL 2,072,333 2,072,333
REVERSING ENTRIES: (2 POINT PER ENTRY)
ACCOUNT TITLES AND EXPLANATIONS DEBIT CREDIT
1 SALARIES PAYABLE 51,000
SALARIES EXPENSE 51,000

2 INTEREST PAYABLE 28,000

INTEREST EXPENSE 28,000