5. Taxes accrued at the end of the year amounted to 2, 500. 6. Interest expense includes the 18% interest on a200-day loan discounted when the loan was taken 60 days ago. 7. Received bill from Meralco for electric consumption for the month of December, 3,500. 8. A provision for uncollectible accounts equal to 5% of the outstanding receivables is deemed reasonable. Required: a. Prepare a 10-column worksheet as at December 31. b. Journalize your adjustments.
5. Taxes accrued at the end of the year amounted to 2, 500. 6. Interest expense includes the 18% interest on a200-day loan discounted when the loan was taken 60 days ago. 7. Received bill from Meralco for electric consumption for the month of December, 3,500. 8. A provision for uncollectible accounts equal to 5% of the outstanding receivables is deemed reasonable. Required: a. Prepare a 10-column worksheet as at December 31. b. Journalize your adjustments.
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter11: Current Liabilities And Payroll
Section: Chapter Questions
Problem 11.5APR: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...
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![Sl7 457 B/s
4:20 PM
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Problem 1
The following account balances appeared in the general ledger of Dr. Robin Rubio at the end of
December 2016, the second year of his private medical practice:
356, 500
205, 000
7, 550
11, 500
155, 000
15, 500
96, 000
2, 000
200. 000
Cash
Accounts Receivable
Allowance for Bad Debts
Medical Supplies
Medical Equipment
Accumulated Dep- Medical Equipment
Office furniture and fixtures
tumulated Dep- Office furniture and Fixtures
Loans
AccPayable
Accounts
Rubio, Capital
Rubio, Personal
Medical Fees Earned
18, 000
180, 650
42. 000
729. 000
72, 000
110, 000
9, 000
75, 700
20, 000
Salaries Earmed
Rent Expense
Taxes and Licenses
Utilities Expense
Interest Expense
Data for adjustments follows:
1. Rent expense, which was paid regularly by the doctor, represents payment for rent from
to November only.
2. The estimated annual depreciation of the property and equipment is 10% per year of its
acquisition cost. The medical equipment is part of the doctor's investment at the start of
his practice on January 1, 2015 which had a market value then P155, 000 only. The office
were acquired in two groups: P48, 000 was acquired August 1,
furniture and
2015 and the balance was acquired six months after the first acquisition.
3. Included in the
equipment
endered ee edical fees is P12, 500 received in advance for surgical services to be
4. Only P2,750 of the supplies has not been used up.
early January.
5.
Taxes accrued at the end of the year amounted to 2, 500.
6. Interest expense includes the 18% interest on a200-day loan discounted when the loan
was taken 60 days ago.
7. Received bill from Meralco for electric consumption for the month of December, 3,500.
8. A provision for uncollectible accounts equal to 5% of the outstanding receivables is
deemed reasonable.
Required:
a. Prepare a 10-column worksheet as at December 31.
b. Journalize your adjustments.
c. Prepare an adjusted trial balance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2babedb0-3fbb-4b9e-ae23-45b8ec29adc2%2F8388da6d-832e-42e4-8439-1cf08581794a%2Fpckoxyl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sl7 457 B/s
4:20 PM
O © 70% 4
Document
Problem 1
The following account balances appeared in the general ledger of Dr. Robin Rubio at the end of
December 2016, the second year of his private medical practice:
356, 500
205, 000
7, 550
11, 500
155, 000
15, 500
96, 000
2, 000
200. 000
Cash
Accounts Receivable
Allowance for Bad Debts
Medical Supplies
Medical Equipment
Accumulated Dep- Medical Equipment
Office furniture and fixtures
tumulated Dep- Office furniture and Fixtures
Loans
AccPayable
Accounts
Rubio, Capital
Rubio, Personal
Medical Fees Earned
18, 000
180, 650
42. 000
729. 000
72, 000
110, 000
9, 000
75, 700
20, 000
Salaries Earmed
Rent Expense
Taxes and Licenses
Utilities Expense
Interest Expense
Data for adjustments follows:
1. Rent expense, which was paid regularly by the doctor, represents payment for rent from
to November only.
2. The estimated annual depreciation of the property and equipment is 10% per year of its
acquisition cost. The medical equipment is part of the doctor's investment at the start of
his practice on January 1, 2015 which had a market value then P155, 000 only. The office
were acquired in two groups: P48, 000 was acquired August 1,
furniture and
2015 and the balance was acquired six months after the first acquisition.
3. Included in the
equipment
endered ee edical fees is P12, 500 received in advance for surgical services to be
4. Only P2,750 of the supplies has not been used up.
early January.
5.
Taxes accrued at the end of the year amounted to 2, 500.
6. Interest expense includes the 18% interest on a200-day loan discounted when the loan
was taken 60 days ago.
7. Received bill from Meralco for electric consumption for the month of December, 3,500.
8. A provision for uncollectible accounts equal to 5% of the outstanding receivables is
deemed reasonable.
Required:
a. Prepare a 10-column worksheet as at December 31.
b. Journalize your adjustments.
c. Prepare an adjusted trial balance.
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