Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020LAGMAN MEDICAL CLINICTrial BalanceJuly 31, 2020Dr. Lagman, CapitalCash on HandAccounts Receivable49,5008,0006,000Accounts PayableDr. Lagman, DrawingMedical Income4,0002,00025,000200Interest IncomeMedical Equipment50,0005,0004,0001,0003004,000Fumiture and FixturesPrepaid RentSupplies on HandInterest ExpenseSalaries ExpenseEstimated Uncollectible Accounts200Notes PayableLight and Water Expense2,000600Total80,900P80,900Additional Information:Accrued salaries P4,000.2. Supplies on hand P500.3.1.5% of the outstanding Accounts Receivable is uncollectible.4. Prepaid rent of P4,000 was applied to month's rent.5.Accrued medical income P3,0006. Light and water unpaid P3007.10/% depreciation is allowed on all fixed assets.Required:1. Prepare the adjusting2. Prepare a 10-column worksheet. Arrange the accounts according to assets, liabilities, capital, income,and expensesIncome Statementries.3.4.Balance Sheet

Financial Statement:- These are statements prepared at the end of the financial year to know the…

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 P 49,500 8,000 6,000 Accounts Payable Dr. Lagman, Drawing Medical Income 4,000 2,000 25,000 200 Interest Income Medical Equipment Fumiture and Fixtures Prepaid Rent Supplies on Hand Interest Expense Salaries Expense 50,000 5,000 4,000 1,000 300 4,000 Estimated Uncollectible Accounts 200 2,000 Notes Payable Light and Water Expense 600 Total 80,900 P 80,900 tional 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 5. Light and water unpaid P300 7. 10/% depreciation is allowed on all fixed assets. uired: 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

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 P 49,500 8,000 6,000 Accounts Payable Dr. Lagman, Drawing Medical Income 4,000 2,000 25,000 200 Interest Income Medical Equipment Fumiture and Fixtures Prepaid Rent Supplies on Hand Interest Expense Salaries Expense 50,000 5,000 4,000 1,000 300 4,000 Estimated Uncollectible Accounts 200 2,000 Notes Payable Light and Water Expense 600 Total 80,900 P 80,900 tional 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 5. Light and water unpaid P300 7. 10/% depreciation is allowed on all fixed assets. uired: 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

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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