Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna. During October 2020, the first month of operations, the following transactions occurred: Dr. Marasigan transferred P250,000 from his personal checking account to a bank account, Dr. Nick Marasigan, M.D. A medical clinic, P1,000,000 and land, P250,000 were acquired by paying P50,000 in cash and issuing a 5-year, 20% note payable (interest is payable every 6 months) for the P1,200,000 balance. Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying P59,000 cash and issuing a 24% note payable, maturing in 6 months, for the P400,000 balance. Acquired "all-in-one" insurance for a year, P20,000. Received cash from patients amounting to P117,000. Bought medical supplies on account from San Pablo Supply, P17,000. Paid salaries of nurses and office staff, P73,000. Received P90,000 from the Laguna Experimental Drug Center for research to be conducted by Dr. Marasigan over the next 3 months. Oct. 1 1 1 2 4 10 12 Billed patients P317,000 for services rendered. Paid P23,000 for repairs to the medical equipment. Paid the telephone bill, P3,000. Bought medical equipment on account from Dr. De Leon, P45,000. Collected P113,000 from patients billed on the 18th. Paid P13,000 on account to San Pablo Supply. Withdrew P200,000 in cash from the medical practice. Paid P15,000 dues to the Laguna Medical Association. 18 21 23 24 25 27 30 30 Required: 1. Establish the following accounts and account numbers in a ledger. No. Account No. Account Marasigan, Capital Marasigan, Withdrawals Income Summary 110 310 Cash 120 320 Accounts Receivable Medical Supplies Prepaid Insurance Land 130 330 140 Medical Revenues 410 150 Research Revenues 420 160 Salaries Expense 510 Medical Building Accumulated Depreciation- Medical Building Medical Equipment Insurance Expense Repairs Expense Supplies Expense 520 165 530 170 540
Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna. During October 2020, the first month of operations, the following transactions occurred: Dr. Marasigan transferred P250,000 from his personal checking account to a bank account, Dr. Nick Marasigan, M.D. A medical clinic, P1,000,000 and land, P250,000 were acquired by paying P50,000 in cash and issuing a 5-year, 20% note payable (interest is payable every 6 months) for the P1,200,000 balance. Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying P59,000 cash and issuing a 24% note payable, maturing in 6 months, for the P400,000 balance. Acquired "all-in-one" insurance for a year, P20,000. Received cash from patients amounting to P117,000. Bought medical supplies on account from San Pablo Supply, P17,000. Paid salaries of nurses and office staff, P73,000. Received P90,000 from the Laguna Experimental Drug Center for research to be conducted by Dr. Marasigan over the next 3 months. Oct. 1 1 1 2 4 10 12 Billed patients P317,000 for services rendered. Paid P23,000 for repairs to the medical equipment. Paid the telephone bill, P3,000. Bought medical equipment on account from Dr. De Leon, P45,000. Collected P113,000 from patients billed on the 18th. Paid P13,000 on account to San Pablo Supply. Withdrew P200,000 in cash from the medical practice. Paid P15,000 dues to the Laguna Medical Association. 18 21 23 24 25 27 30 30 Required: 1. Establish the following accounts and account numbers in a ledger. No. Account No. Account Marasigan, Capital Marasigan, Withdrawals Income Summary 110 310 Cash 120 320 Accounts Receivable Medical Supplies Prepaid Insurance Land 130 330 140 Medical Revenues 410 150 Research Revenues 420 160 Salaries Expense 510 Medical Building Accumulated Depreciation- Medical Building Medical Equipment Insurance Expense Repairs Expense Supplies Expense 520 165 530 170 540
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 32P
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