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    Fabm 2 Quiz 1

    Uploaded by

    Jenny Hermosado
    This document provides accounting information and instructions for Dr. Ynah C. Gemma's medical practice for the year ending December 31, 2017. It includes account balances, additional data for adjustments including depreciation calculations, revenue received in advance, expenses for part of the period, supplies usage, taxes owed, and an electric bill. Students are instructed to prepare a trial balance, 14-column worksheet, journal entries for adjustments, closing entries, and post-closing trial balance. Questions from students will only be entertained if they are asking for corrections to their own work.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Fabm 2 Quiz 1

    Uploaded by

    Jenny Hermosado
    243 views2 pages
    This document provides accounting information and instructions for Dr. Ynah C. Gemma's medical practice for the year ending December 31, 2017. It includes account balances, additional data for adjustments including depreciation calculations, revenue received in advance, expenses for part of the period, supplies usage, taxes owed, and an electric bill. Students are instructed to prepare a trial balance, 14-column worksheet, journal entries for adjustments, closing entries, and post-closing trial balance. Questions from students will only be entertained if they are asking for corrections to their own work.

    Original Description:

    Original Title

    FABM 2 QUIZ 1

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    This document provides accounting information and instructions for Dr. Ynah C. Gemma's medical practice for the year ending December 31, 2017. It includes account balances, additional data for adjustments including depreciation calculations, revenue received in advance, expenses for part of the period, supplies usage, taxes owed, and an electric bill. Students are instructed to prepare a trial balance, 14-column worksheet, journal entries for adjustments, closing entries, and post-closing trial balance. Questions from students will only be entertained if they are asking for corrections to their own work.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    243 views2 pages

    Fabm 2 Quiz 1

    Uploaded by

    Jenny Hermosado
    This document provides accounting information and instructions for Dr. Ynah C. Gemma's medical practice for the year ending December 31, 2017. It includes account balances, additional data for adjustments including depreciation calculations, revenue received in advance, expenses for part of the period, supplies usage, taxes owed, and an electric bill. Students are instructed to prepare a trial balance, 14-column worksheet, journal entries for adjustments, closing entries, and post-closing trial balance. Questions from students will only be entertained if they are asking for corrections to their own work.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    General Instructions: Read carefully all the given data. Stritly follow instructions.

    The following account balances appeared in the general ledger of Dr. Ynah C. Gemma at the end of
    December 2017, the second year of her private medical practice.

    Cash 350,403.00
    Accounts receivable 205,000.00
    Allowance for Bad Debts 7,550.00
    Prepaid Supplies 11,500.00
    Library 155,000.00
    Accumulated Depreciation-Library 15,500.00
    Medical Equipment 96,000.00
    Accumulated Depreciation-Medical Equipment 2,000.00
    Loans Payable 200,000.00
    Accounts Payable 18,000.00
    SS and EC Premium Payable 200.00
    HDMF Premiums Payable 100.00
    Philhealth Premium Payable 75.00
    Withholding Taxes Payable 427.00
    Gemma, Capital 180,650.00
    Gemma, Drawing 42,000.00
    Medical Fees Revenue 729,000.00
    HDMF Premiums Expense 1,100.00
    Philhealth Premium Expense 825.00
    Salaries Expense 72,000.00
    Rent Expense 110,000.00
    SS and EC Premium Expense 4,974.00
    Taxes and Licenses 9,000.00
    Ulitities expense 75,700.00
    Interest Expense 20,000.00
    Additional data for adjustments are as follows:
    1.) The estimated annual depreciation of the property is 10% per year of its acquisition cost. The Library
    is part of the doctor’s investment at the start of her practice on January 1, 2016 while medical equipment
    were acquired in two groups:

    P 48,000 was acquired August 1, 2016 and the balance was acquired six months after the first
    acquisition.

    2.) Included in the medical fees is P 12,500 received in advance for surgical services to be rendered early
    next year.
    3.) Rent expense represents payment from January to November only.
    4.) Only P 2,750 of the supplies has not been used up.
    5.) Taxes accrued at the end of the year amounted to P 2,500
    6.) Received a bill from Meralco for electric consumption for the month of December, P 4,000.
    7.) Provision for uncollectible accounts equal to 5% of the outstanding receivables os deemed reasonable.

    Instructions and Requirement:

    1.) Prepare the proper Trial Balance for the company.


    2.)Prepare a 14-column worksheet for the year ended December 31, 2017.
    3.) Journalize your adjustments on a Journal paper (two columns paper)
    4.) Prepare closing entries
    5.) Prepare Post-Closing Trial Balance at the back page of your worksheet.

    No questions shall be entertained by Mr. Dimatalo especially if the nature of the questions is about your
    uncertainty regarding your own answer. However, questions regarding corrections will be entertained by
    Mr. Dimatalo.

    Do not just copy the work of your classmate. Try to exert effort in understanding the lesson.

    Thank you.

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