Required:1. Adjusting Entries2. Income Statement3. Balance Sheet Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020LAGMAN MEDICAL CLINICTrial BalanceJuly 31, 2020P 49,500Dr. Lagman, CapitalCash on HandAccounts ReceivableAccounts PayableDr. Lagman, DrawingMedical Income8,0006,000P4,0002,00025,000200Interest IncomeMedical EquipmentFumiture and FixturesPrepaid RentSupplies on HandInterest ExpenseSalaries ExpenseEstimated Uncollectible AccountsNotes PayableLight and Water Expense50,0005,0004,0001,0003004,0002002,000600P 80,90080,900TotalPAdditional 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 P3,0006. Light and water unpaid P3007. 10/% depreciation is allowed on all fixed assets.

Name: Required:1. Adjusting Entries2. Income Statement3. Balance Sheet Prese
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Required:1. Adjusting Entries2. Income Statement3. Balance Sheet Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020LAGMAN MEDICAL CLINICTrial BalanceJuly 31, 2020P 49,500Dr. Lagman, CapitalCash on HandAccounts Rece

Answered: Image /qna-images/answer/b652856c-8383-465d-ae9f-0d74d8fb793f.jpg

Answered: Required: 1. Adjusting Entries 2.…

Business

Accounting

Required: 1. Adjusting Entries 2. Income Statement 3. Balance Sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Do adjusting entries affect income statement accounts, bal-ance sheet accounts, or both? Explain.
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting Period concept C. Money Measurement concept D. Cost concept
Which of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statement
When using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with Group of answer choices cash net income retained earnings revenue
Bills for collection are shown O a. On Assets side of the balance sheet O b. On liabilities side of the balance sheet Oc. On the income side of the income statement Od. As note below the balance sheet
Define each of the following terms:a. Annual report; balance sheet; income statement
Use the list of concepts given to match the description of the concept to the concept.
Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv
Noor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 SL Particulars Debit Credit 1 Cash 55,600 2 Supplies 16,300 3 Prepaid Insurance 16,000 4 Land 22,000 5 Cottages 5,000 Furniture 26,000 7 Account Payable 16,500 8 Unearned Rent 10,400 Mortgage Payable 10,000 10 Сapital 70,000 11 Drawing 5,000 12 Rent Revenue 57,000 13 Repair Expense 3,600 14 Salaries Expense 5,000 15 Utility Expense 9,400 ТОTAL 163,900 163,900 Other information: (1) End of August 31 the balance of prepaid insurance is Tk. 1600 (2) Supplies used during the period Tk. 800 (3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula: Depreciation = (cost - salvage value) / lifetime] (4) Balance of unearned revenue is 700 at the end of August 31.