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    Free Trial PreFinals Solutions

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    ur.luna82997
    The document provides the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, closing entries, and post-closing trial balance for Makapasar Kho D. Kosure Clinic for the year ended December 31, 2022. It shows the clinic's revenues, expenses, assets, liabilities and equity for the period.

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    Free Trial PreFinals Solutions

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    ur.luna82997
    29 views8 pages
    The document provides the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, closing entries, and post-closing trial balance for Makapasar Kho D. Kosure Clinic for the year ended December 31, 2022. It shows the clinic's revenues, expenses, assets, liabilities and equity for the period.

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    The document provides the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, closing entries, and post-closing trial balance for Makapasar Kho D. Kosure Clinic for the year ended December 31, 2022. It shows the clinic's revenues, expenses, assets, liabilities and equity for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    29 views8 pages

    Free Trial PreFinals Solutions

    Uploaded by

    ur.luna82997
    The document provides the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, closing entries, and post-closing trial balance for Makapasar Kho D. Kosure Clinic for the year ended December 31, 2022. It shows the clinic's revenues, expenses, assets, liabilities and equity for the period.

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    © All Rights Reserved
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    Ma

    Account Titles Unadjusted Trial Balance Adjustments


    Dr Cr Dr Cr
    Cash ₱ 114,000
    Accounts Receivable 204,000
    Medical Supplies 56,000 ₱ 35,000
    Prepaid Insurance 20,000 5,000
    Land 250,000
    Medical Building 1,000,000
    Medical Equipment 465,000
    20% Notes Payable ₱ 1,200,000
    24% Notes Payable 400,000
    Accounts Payable 49,000
    Unearned Research Revenues 90,000 ₱ 30,000
    Kosure, Capital 250,000
    Kosure, Withdrawals 200,000
    Medical Revenues 434,000
    Salaries Expense 73,000 25,500
    Repairs Expense 23,000
    Association Dues Expense 15,000
    Telephone Expense 3,000
    TOTAL ₱ 2,423,000 ₱ 2,423,000

    Adjusting Entries:
    a. Insurance Expense ₱ 5,000
    Prepaid Insurance
    #
    b. Medical Supplies Expense 35,000
    Medical Supplies
    #
    c. Depreciation Expense 193,000
    Accum. Dep. - Medical Building 100,000
    Accum. Dep. - Medical Equipment 93,000
    #
    d. Unearned Research Revenues
    Research Revenues 30,000
    #
    e. Salaries Expense
    Salaries Payable 25,500
    #
    f. Interest Expense 108,000
    Interest Payable 108,000
    #
    ₱ 396,500 ₱ 396,500
    LOSS

    Closing Entries:
    a. Medical Revenues ₱ 434,000
    Research Revenues 30,000
    Income Summary 16,500
    Depreciation Expense ₱ 193,000
    Salaries Expense 98,500
    Repairs Expense 23,000
    Association Dues Expense 15,000
    Telephone Expense 3,000
    Insurance Expense 5,000
    Medical Supplies Expense 35,000
    Interest Expense 108,000
    #
    b. Kosure Capital 16,500
    Income Summary 16,500
    #
    c. Kosure, Capital 200,000
    Kosure, Withdrawals 200,000
    #
    Makapasar Kho D. Kosure Clinic
    Worksheet
    December 31, 2022
    Adjusted Trial Balance Income Statement Balance Sheet
    Dr Cr Dr Cr Dr Cr
    ₱ 114,000 ₱ 114,000
    204,000 204,000
    21,000 21,000
    15,000 15,000
    250,000 250,000
    1,000,000 1,000,000
    465,000 465,000
    ₱ 1,200,000 ₱ 1,200,000
    400,000 400,000
    49,000 49,000
    60,000 60,000
    250,000 250,000
    200,000 200,000
    434,000 ₱ 434,000
    98,500 ₱ 98,500
    23,000 23,000
    15,000 15,000
    3,000 3,000

    5,000 5,000

    35,000 35,000

    193,000 193,000
    100,000 100,000
    93,000 93,000

    30,000 30,000

    25,500 25,500

    108,000 108,000
    108,000 108,000

    ₱ 2,749,500 ₱ 2,749,500 480,500 464,000 2,269,000 2,285,500


    16,500 16,500
    ₱ 480,500 ₱ 480,500 ₱ 2,285,500 ₱ 2,285,500
    Closing Entries Post-Closing Trial Balance
    Dr Cr Dr Cr
    ₱ 114,000
    204,000
    21,000
    15,000
    250,000
    1,000,000
    465,000
    ₱ 1,200,000
    400,000
    49,000
    60,000
    ₱ 216,500 33,500
    ₱ 200,000
    434,000
    98,500
    23,000
    15,000
    3,000

    5,000

    35,000

    193,000
    100,000
    93,000

    30,000

    25,500

    108,000
    108,000

    ₱ 680,500 ₱ 680,500 ₱ 2,069,000 ₱ 2,069,000


    Makapasar Kho D. Kosure Clinic
    Statement of Financial Position
    As of December 31, 2022
    ASSETS
    Current Assets
    Cash ₱ 114,000
    Accounts Receivable 204,000
    Prepaid Insurance 15,000
    Medical Supplies 21,000
    Total Current Assets ₱ 354,000
    Non Current Assets
    Land 250,000
    Medical Building 1,000,000
    Accum. Dep. - Medical Building -100,000
    Medical Equipment 465,000
    Accum. Dep. - Medical Equipment -93,000
    Total Non Current Assets ₱ 1,522,000
    TOTAL ASSETS ₱ 1,876,000
    LIABILITIES
    Current Liabilities
    Accounts Payable ₱ 49,000
    24% Notes Payable 400,000
    Salaries Payable 25,500
    Interest Payable 108,000
    Unearned Research Revenues 60,000
    Total Current Liabilities ₱ 642,500
    Non Current Liabilities
    20% Notes Payable 1,200,000
    Total Non Current Liabilities ₱ 1,200,000
    TOTAL LIABILITIES ₱ 1,842,500
    EQUITY
    Kosure, Capital ₱ 33,500
    TOTAL EQUITY ₱ 33,500
    TOTAL LIABILITES AND EQUITY ₱ 1,876,000
    Makapasar Kho D. Kosure Clinic
    Statement of Financial Performance
    For the year ended December 31, 2022
    INCOME
    Medical Revenues ₱ 434,000
    Research Revenues 30,000
    Total Revenues ₱ 464,000
    EXPENSES
    Salaries Expense ₱ 98,500
    Repairs Expense 23,000
    Association Dues Expense 15,000
    Telephone Expense 3,000
    Insurance Expense 5,000
    Medical Supplies Expense 35,000
    Depreciation Expense 193,000
    Interest Expense 108,000
    Total Expenses ₱ 480,500
    PROFIT/LOSS FOR THE PERIOD -₱ 16,500
    Makapasar Kho D. Kosure Clinic
    Statement of Changes in Owner's Equity
    For the year ended December 31, 2022
    Kosure, Capital, Beginning ₱ 250,000
    Less:
    Net Loss 16,500
    Subtotal ₱ 233,500
    Less:
    Kosure, Withdrawals 200,000
    Kosure, Capital, Ending ₱ 33,500

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