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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 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
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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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 49,500 8,000 6,000 Accounts Payable Dr. Lagman, Drawing Medical Income 4,000 2,000 25,000 200 Interest Income Medical Equipment 50,000 5,000 4,000 1,000 300 4,000 Fumiture and Fixtures Prepaid Rent Supplies on Hand Interest Expense Salaries Expense Estimated Uncollectible Accounts 200 Notes Payable Light and Water Expense 2,000 600 Total 80,900 P 80,900 Additional 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 P3,000 6. Light and water unpaid P300 7. 10/% depreciation is allowed on all fixed assets. Required: 1. Prepare the adjusting 2. Prepare a 10-column worksheet. Arrange the accounts according to assets, liabilities, capital, income, and expenses Income Statement ries. 3. 4. Balance Sheet
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 49,500 8,000 6,000 Accounts Payable Dr. Lagman, Drawing Medical Income 4,000 2,000 25,000 200 Interest Income Medical Equipment 50,000 5,000 4,000 1,000 300 4,000 Fumiture and Fixtures Prepaid Rent Supplies on Hand Interest Expense Salaries Expense Estimated Uncollectible Accounts 200 Notes Payable Light and Water Expense 2,000 600 Total 80,900 P 80,900 Additional 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 P3,000 6. Light and water unpaid P300 7. 10/% depreciation is allowed on all fixed assets. Required: 1. Prepare the adjusting 2. Prepare a 10-column worksheet. Arrange the accounts according to assets, liabilities, capital, income, and expenses Income Statement ries. 3. 4. Balance Sheet
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