Sl7 457 B/s4:20 PMO © 70% 4DocumentProblem 1The following account balances appeared in the general ledger of Dr. Robin Rubio at the end ofDecember 2016, the second year of his private medical practice:356, 500205, 0007, 55011, 500155, 00015, 50096, 0002, 000200. 000CashAccounts ReceivableAllowance for Bad DebtsMedical SuppliesMedical EquipmentAccumulated Dep- Medical EquipmentOffice furniture and fixturestumulated Dep- Office furniture and FixturesLoansAccPayableAccountsRubio, CapitalRubio, PersonalMedical Fees Earned18, 000180, 65042. 000729. 00072, 000110, 0009, 00075, 70020, 000Salaries EarmedRent ExpenseTaxes and LicensesUtilities ExpenseInterest ExpenseData for adjustments follows:1. Rent expense, which was paid regularly by the doctor, represents payment for rent fromto November only.2. The estimated annual depreciation of the property and equipment is 10% per year of itsacquisition cost. The medical equipment is part of the doctor's investment at the start ofhis practice on January 1, 2015 which had a market value then P155, 000 only. The officewere acquired in two groups: P48, 000 was acquired August 1,furniture and2015 and the balance was acquired six months after the first acquisition.3. Included in theequipmentendered ee edical fees is P12, 500 received in advance for surgical services to be4. 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 loanwas 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 isdeemed reasonable.Required:a. Prepare a 10-column worksheet as at December 31.b. Journalize your adjustments.c. Prepare an adjusted trial balance.

Trial balance The purpose preparing the trial balance is to prepare the financial statement like…

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.

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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