Completing the Accounting Cycle Dr. Janet Artuz opened a Medical Clinic. The following are the transactions made on April.1-The Doctor Invested P 1,500 000 cash and P30 000 medical equipment in the clinic

-Bought Chairs and tables on account, costing P 10 000 from Furniture Canvas

Bought Medical Supplies for Cash. P 5 000

2-A Medical Clinic, worth P 900,000 was acquired paying the 20 % In cash and the balance issuing 10% per annum notes Payable

- Land, worth P 300,000 was acquired paying 15% in cash and the balance issuing 20% per quarter notes payable

-Medical Equipment, worth P200 000 was acquired paying 80% of it and the balance issuing 15% notes payable maturing per semi annum

- Supplies, worth P 30 000 was acquired paying 50% in cash and the balance on account

5- Acquired allinone insurance for 2 years , P 12 000 and a Prepaid Rent , P 10 000 for 5 months

7-Received Cash from patients for service rendered amounting to P 120, 000

10-Paid Furniture Canvas P 5 000 and issued a 5% per quarter note for the balance

-A summary of medical services rendered showed: cash patients, P 12 000 and Account Patients: P15 000

12- Hired 10 employees. P 600 /day will be their salaries. Working for 5 day workweek.

13-Received P 30 000 cash from Mr. Mendoza for research to be conducted by Dr. Janet for 6 months

15-Collects in full from account patients

17Dr. invested P50,000 cash and Equipment costing P30,000

18Rendered Surgical services to a patient who paid P15, 000 and promised to pay the balance of P20, 000.

19Sent a bill to Pure foods Corporation for the monthly Check up of its employee, P55 000

21Dr. Artuz withdrew cash for Personal use, P 40 000

22Paid the following:Meralco Bill : P 5 000PLDT Bill: P 7 000Salary : P 12 000

24Performed Surgical Services and received a cash, P 100 000

25Sold the Old Equipment (P 30 000)

26Sold the P 20 000 worth of supplies

27Paid the Vacation fee of the Owner ,P 10 000

28Paid the association dues fee, P 30 000

29 Billed the company for research done, P 20 000

30Bought Supplies on Account, P10 000

Solve the Adjusting Entries1. Expiration of Prepaid Insurance and Prepaid RentInsurance Expense:Rent Insurance:2. Last day of the month April is Thursday. The total of the employees salary for this week is P 90, 000Salaries Payable: 3. Depreciation of the ff:S.V.Useful Life

Building10 yrs.

Medical Equipment20 0003 yrs

Depreciation Expense Building:Depreciation Medical Equipment:Depreciation X-Ray Machine:4. Earned the 1 month of the Unearned RevenueUnearned Revenue: 5. 60% of the Supplies are used this monthSupplies Expense:6. Interests of the Notes Payable5% Note:10% Note:15% Note:20% Note: Notes in answering the cycle.:1. Asset Method 2. Medical Revenues is the default account if the kind of service is not indicated in the transaction3. Use the Account Titles in the Chart of Accounts Provided Below.Required:1. Journalize the ff. transactions2. Post it in the ledger3. Prepare a Trial Balance (use the trial Balance provided below)4. Answer the adjustments above.5. Prepare a Work Sheet6. Prepare the Financial Statements. 7. Journalize the adjusting entries8. Journalize the Closing Entries9. Prepare a Post-Trial Balance ( use the Post trial balance provided below)10. Prepare the Reversing Entries11. Expect that the business will pay all the debts on JULY 31. Prepare the Payment Entry

CHART OF ACCOUNTS101Cash

102Accounts Receivable

103Medical Supplies

104Prepaid rent

105Prepaid Insurance

106Furnitures and Fixtures

107Medical Building

107A Accu. Depr. Bldg.

108Medical Equipment

108AAccu. Depr. Equipt

109Land

201Accounts Payable

2025% Notes Payable

20310% Notes Payable

20415% Notes Payable

20520% Notes Payable

206Interest Payable

207Salaries Payable

208Unearned research Revenues

301Dr. Artuz , Capital

302Dr. Artuz, Withdrawal

303Income Summary

401Medical Revenues

402Surgical Revenues

403Research Revenues

501Rent Expense

502Supplies Expense

503Salaries Expense

504Utilities Expense

505Insurance Expense

506Interest Expense

507Depreciation Expense Bldg.

508Depreciation Expense Equipt.

509Miscellaneous Expense

Total

Post Trial Balance101Cash

102Accounts Receivable

103Medical Supplies

104Prepaid rent

105Prepaid Insurance

106Furnitures and Fixtures

107Medical Building

107A Accu. Depr. Bldg.

108Medical Equipment

108AAccu. Depr. Equipt

190Land

201Accounts Payable

2025% Notes Payable

20310% Notes Payable

20415% Notes Payable

20520% Notes Payable

206Interest Payable

207Salaries Payable

208Unearned research Revenues

301Dr. Artuz , Capital

Total