Prepare adjusting entries for each of the adjustments above. The following accounts balances appeared in the general ledger of Dr. Jin Jan at the end ofDecember 31, 2011, the second year of his private medical practice:Cash356,927.00Accounts Receivable205,000.00Allowance for Bad Debts7,550.00Prepaid Supplies11,500.00Library155,000.00Accumulated Depreciation - LibraryMedical EquipmentAccumulated Depreciation – Medical EquipmentLoans Payable15,500.0096,000.002,000.00200,000.00Accounts PayableTaxes Payable18,000.00427.00Jin Jan, CapitalJin Jan, Drawings180,650.0042,000.00Medical Fees Earned729,000.00Salaries ExpenseRent ExpenseTaxes and Licenses ExpensesUtilities ExpenseInterest Expense72,000.00110,000.009,000.0075,700.0020,000.00Data for adjustments are as follows:a. Rent expense represents payment for November 1, 2011 to September 30, 2012.b. The property and equipment has 10 years useful life with no salvage value. TheLibrary is part of the doctor's investment at the start of his practice on January 1, 2010while the medical equipment were acquired in two groups: P48,000 was acquiredAugust 1, 2010 and the balance was acquired February 1, 2011.c. Included in the medical fees is P12,500 received in advance for surgical services to berendered January 9, 2012.d. Only P3,500 of the supplies has not been used up.e. Taxes accrued at the end of the year amounted to P2,500. This will be paid early nextyear.Included in the loan payable balance is the total amount of P100,000 18% loans payableto Vshi. The loan was made 2 months ago.g. Received a bill from Meralco for electric consumption for the month of December,P3,500. This was not paid until January next year.h. A provision for uncollectible accounts equal to 5% of the outstanding accountsf.receivable.

Solution : Adjusting journal entry are entry posted at the end of the period to adjust the…

The following accounts balances appeared in the general ledger of Dr. Jin Jan at the end of December 31, 2011, the second year of his private medical practice: Cash 356,927.00 Accounts Receivable 205,000.00 Allowance for Bad Debts 7,550.00 Prepaid Supplies Library Accumulated Depreciation – Library 11,500.00 155,000.00 15,500.00

The following accounts balances appeared in the general ledger of Dr. Jin Jan at the end of December 31, 2011, the second year of his private medical practice: Cash 356,927.00 Accounts Receivable 205,000.00 Allowance for Bad Debts 7,550.00 Prepaid Supplies Library Accumulated Depreciation – Library 11,500.00 155,000.00 15,500.00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 48BE: Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for...

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