Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020 LAGMAN MEDICAL CLINIC Trial Balance July 31, 2020 P 49,500 Dr. Lagman, Capital Cash on Hand Accounts Receivable 8,000 6,000 Accounts Payable Dr. Lagman, Drawing Medical Income Interest Income Medical Equipment Furniture and Fixtures 4,000 2,000 25,000 200 50,000 5,000
Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020 LAGMAN MEDICAL CLINIC Trial Balance July 31, 2020 P 49,500 Dr. Lagman, Capital Cash on Hand Accounts Receivable 8,000 6,000 Accounts Payable Dr. Lagman, Drawing Medical Income Interest Income Medical Equipment Furniture and Fixtures 4,000 2,000 25,000 200 50,000 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020
LAGMAN MEDICAL CLINIC
Trial Balance
July 31, 2020
Dr. Lagman, Capital
Cash on Hand
Accounts Receivable
Accounts Payable
Dr. Lagman, Drawing
Medical Income
Interest Income
Medical Equipment
Furniture and Fixtures
Prepaid Rent
Supplies on Hand
Interest Expense
Salaries Expense
Estimated Uncollectible Accounts
Notes Payable
Light and Water Expense
49,500
8,000
6,000
4,000
2,000
25,000
200
50,000
5,000
4,000
1,000
300
4,000
200
2,000
600
Total
80,900
P.
80,900
Additional Information:
1. Accrued salaries P4,000.
2. Supplies on hand P500.
3. 5% of the outstanding Accounts Receivable is uncollectible.
4. Prepaid rent of P4,000 was applied to month's rent.
5. Accrued medical income P3,000
6. Light and water unpaid P300
7. 10/% depreciation is allowed on all fixed assets.
Required:
1. Prepare the adjusting entries.
2. Prepare a 10-column worksheet. Arrange the accounts according to assets, liabilities, capital, income,
and expenses
3. Income Statement
4. Balance Sheet](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fad74d954-27b1-4f92-ad67-7344c88622b4%2Fb5320254-c3b5-4996-9e2b-29e0c9212f1e%2Fj3bixs1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020
LAGMAN MEDICAL CLINIC
Trial Balance
July 31, 2020
Dr. Lagman, Capital
Cash on Hand
Accounts Receivable
Accounts Payable
Dr. Lagman, Drawing
Medical Income
Interest Income
Medical Equipment
Furniture and Fixtures
Prepaid Rent
Supplies on Hand
Interest Expense
Salaries Expense
Estimated Uncollectible Accounts
Notes Payable
Light and Water Expense
49,500
8,000
6,000
4,000
2,000
25,000
200
50,000
5,000
4,000
1,000
300
4,000
200
2,000
600
Total
80,900
P.
80,900
Additional Information:
1. Accrued salaries P4,000.
2. Supplies on hand P500.
3. 5% of the outstanding Accounts Receivable is uncollectible.
4. Prepaid rent of P4,000 was applied to month's rent.
5. Accrued medical income P3,000
6. Light and water unpaid P300
7. 10/% depreciation is allowed on all fixed assets.
Required:
1. Prepare the adjusting entries.
2. Prepare a 10-column worksheet. Arrange the accounts according to assets, liabilities, capital, income,
and expenses
3. Income Statement
4. Balance Sheet
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