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On February 2020, Marlon Balista started his medical services in practice. During the month the following transactions were completed: FEBRUARY 1. Mr. Balista invested P150,000 in a new bank account in the name of Marlon Balista, M.D. 3. Purchased medical equipment costing P62.000, paying P20,000 cash and the balance on notes payable. 4. Bought medical supplies for cash, P12,000. 7. Paid rent for the month, P6,000. 8. Received P15,000 for medical services rendered. 10. Acquired table & chairs on account, P8,500 13. Billed medical services to a client, P34,000 15. Paid salaries to employees, P26,400 17. Paid another doctor for preparing laboratory services on a patient, P3,000 20. Paid creditors on account, P2,500 22. Paid insurance premium for the quarter, P4,700. 23. Paid miscellaneous expenses, P2,200. 25. Received P34,000 from patient on account. 27. Paid salaries of medical technician and other employees, P58,500 28. Received cash from cash patients, P68,500

On February 2020, Marlon Balista started his medical services in practice. During the month the following transactions were completed: FEBRUARY 1. Mr. Balista invested P150,000 in a new bank account in the name of Marlon Balista, M.D. 3. Purchased medical equipment costing P62.000, paying P20,000 cash and the balance on notes payable. 4. Bought medical supplies for cash, P12,000. 7. Paid rent for the month, P6,000. 8. Received P15,000 for medical services rendered. 10. Acquired table & chairs on account, P8,500 13. Billed medical services to a client, P34,000 15. Paid salaries to employees, P26,400 17. Paid another doctor for preparing laboratory services on a patient, P3,000 20. Paid creditors on account, P2,500 22. Paid insurance premium for the quarter, P4,700. 23. Paid miscellaneous expenses, P2,200. 25. Received P34,000 from patient on account. 27. Paid salaries of medical technician and other employees, P58,500 28. Received cash from cash patients, P68,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Answer the following:

• Prepare a trial balance for the month.

• Prepare journal entries on the below (inserted picture) transactions.

• Post the entries to the ledger. Use the following account titles given: Cash, 11; Accounts receivable, 12; Medical supplies, 13; Medical equipment, 14; Furniture & Fixtures, 15; Notes payable, 21; accounts payable, 22; Balista, Capital, 31, Balista, Drawing, 32; Medical revenues, 41; Salary expense, 51; Rent expense, 52; Laboratory expense, 53; Utilities Expense, 54; Insurance expense, 55; and Miscellaneous expense, 58. 

 

Please refer to the picture below:

On February 2020, Marlon Balista started his medical services in practice. During the month the following transactions were completed: FEBRUARY 1. Mr. Balista invested P150,000 in a new bank account in the name of Marlon Balista, M.D. 3. Purchased medical equipment costing P62.000, paying P20,000 cash and the balance on notes payable. 4. Bought medical supplies for cash, P12,000. 7. Paid rent for the month, P6,000. 8. Received P15,000 for medical services rendered. 10. Acquired table & chairs on account, P8,500 13. Billed medical services to a client, P34,000 15. Paid salaries to employees, P26,400 17. Paid another doctor for preparing laboratory services on a patient, P3,000 20. Paid creditors on account, P2,500 22. Paid insurance premium for the quarter, P4,700. 23. Paid miscellaneous expenses, P2,200. 25. Received P34,000 from patient on account. 27. Paid salaries of medical technician and other employees, P58,500 28. Received cash from cash patients, P68,500
Transcribed Image Text:On February 2020, Marlon Balista started his medical services in practice. During the month the following transactions were completed: FEBRUARY 1. Mr. Balista invested P150,000 in a new bank account in the name of Marlon Balista, M.D. 3. Purchased medical equipment costing P62.000, paying P20,000 cash and the balance on notes payable. 4. Bought medical supplies for cash, P12,000. 7. Paid rent for the month, P6,000. 8. Received P15,000 for medical services rendered. 10. Acquired table & chairs on account, P8,500 13. Billed medical services to a client, P34,000 15. Paid salaries to employees, P26,400 17. Paid another doctor for preparing laboratory services on a patient, P3,000 20. Paid creditors on account, P2,500 22. Paid insurance premium for the quarter, P4,700. 23. Paid miscellaneous expenses, P2,200. 25. Received P34,000 from patient on account. 27. Paid salaries of medical technician and other employees, P58,500 28. Received cash from cash patients, P68,500
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