N.

MARTIN MEDICAL CLINIC

WORKSHEET
FOR JANUARY 31, 2020

Unadjusted Trial Balance Adjusting Entries

Account Titles Debit Credit Debit Credit
CASH 114,000.00
ACCOUNT RECEIVABLE 204,000.00
MEDICAL SUPPLIES 56,000.00 35,000.00
PREPAID INSURANCE 20,000.00 20,000.00
LAND 250,000.00
MEDICAL BUILDING 1,000,000.00
ACC. DEPRECIATION - MEDICAL BUILDING 5,000.00
MEDICAL EQUIPMENT 465,000.00
ACC. DEPRECIATION - MEDICAL EQUIPMENT 9,000.00
NOTES PAYABLE 1,600,000.00
ACCOUNTS PAYABLE 49,000.00
SALARIES PAYABLE 51,000.00
INTEREST PAYABLE 28,000.00
UNEARNED RESEARCH REVENUES 30,000.00
N. MARTIN, CAPITAL 250,000.00
N. MARTIN, WITHDRAWALS 200,000.00
INCOME SUMMARY
MEDICAL REVENUES 434,000
RESEARCH REVENUES 90,000.00 30,000.00
SALARIES EXPENSE 73,000.00 51,000.00
INSURANCE EXPENSE 20,000.00
REPAIRS EXPENSE 23,000.00
SUPPLIES EXPENSE 35,000.00
ASSOCIATION DUES EXPENSE 15,000.00
TELEPHONE EXPENSE 3,000.00
DEPRECIATION EXPENSE - BUILDING 5,000.00
DEPRECIATION EXPENSE - EQUIPMENT 9,000.00
INTEREST EXPENSE 28,000.00
TOTAL 2,423,000.00 2,423,000.00 178,000.00 178,000.00
NET INCOME
TOTAL
 Adjsuted Trial Balance Income Statement Balance Sheet Closing Entries
Debit Credit Debit Credit Debit Credit Debit
114,000.00 114,000.00
204,000.00 204,000.00
21,000.00 21,000.00
0.00 0.00
250,000.00 250,000.00
1,000,000.00 1,000,000.00
5,000.00 5,000.00
465,000.00 465,000.00
9,000.00 9,000.00
1,600,000.00 1,600,000.00
49,000.00 49,000.00
51,000.00 51,000.00
28,000.00 28,000.00
30,000.00 30,000.00
250,000.00 250,000.00 200,000.00
200,000.00 200,000.00
554,000.00
434,000 434,000 434,000
120,000.00 120,000.00 120,000.00
124,000.00 124,000.00
20,000.00 20,000.00
23,000.00 23,000.00
35,000.00 35,000.00
15,000.00 15,000.00
3,000.00 3,000.00
5,000.00 5,000.00
9,000.00 9,000.00
28,000.00 28,000.00
2,546,000.00 2,546,000.00 262,000.00 554,000.00 2,284,000.00 1,992,000.00 1,308,000.00
292,000.00 292,000.00
554,000.00 554,000.00 2,284,000.00 2,284,000.00
Closing Entries Post Trial Balance
Credit Debit Credit
114,000.00
204,000.00
21,000.00
0.00
250,000.00
1,000,000.00
5,000.00
465,000.00
9,000.00
1,600,000.00
49,000.00
51,000.00
28,000.00
30,000.00
292,000.00 342,000.00
200,000.00 0.00
554000 0.00
0.00
0.00
124,000.00 0.00
20,000.00 0.00
23,000.00 0.00
35,000.00 0.00
15,000.00 0.00
3,000.00 0.00
5,000.00 0.00
9,000.00 0.00
28,000.00 0.00
1,308,000.00 2,084,000.00 2,084,000.00
N. MARTIN MEDICAL CLINIC
ADJUSTING ENTRIES
FOR JANUARY 31, 2020

A) Insurance Expense 20,000.00

Prepaid Insurance 20,000.00

B) Supplies Expense 35,000.00

Medical Supplies 35,000.00

C) Depreciation Expense 14,000.00

Acc. Depreciation - medical building 5,000.00
Acc. Depreciation - medical equipment 9,000.00

D) Unearned Research Revenues 30,000.00

Research Revenues 30,000.00

E) Salaries Expense 51,000.00

Salaries Payable 51,000.00

F) Interest Expense 28,000.00

Interest Payable 28,000.00

178,000.00 178,000.00
N. MARTIN MEDICAL CLINIC
CLOSING ENTRIES
FOR JANUARY 31, 2020

A) Medical Revenues 434,000.00

Research Revenues 120,000.00
Income Summary 554,000.00

B Income Summary 262,000.00

Salaries Expense 124,000.00
Insurance Expense 20,000.00
Repairs Expenses 23,000.00
Supplies Expense 35,000.00
Association Dues Expense 15,000.00
Telephone Expense 3,000.00
Depreciation Expense – Bldg. 5,000.00
Depreciation Expense – Equipment 9,000.00
Interest Expense 28,000.00

c) Income Summary 292,000.00

N. Martin, Capital 292,000.00

d) Edgar Detoya, Capital 200,000.00

N. Martin, Withdrawal 200,000.00
1,308,000 1,308,000