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
P 49,500
Dr. Lagman, Capital
Cash on Hand
Accounts Receivable
Accounts Payable
Dr. Lagman, Drawing
Medical Income
8,000
6,000
P
4,000
2,000
25,000
200
Interest Income
Medical Equipment
Fumiture and Fixtures
Prepaid Rent
Supplies on Hand
Interest Expense
Salaries Expense
Estimated Uncollectible Accounts
Notes Payable
Light and Water Expense
50,000
5,000
4,000
1,000
300
4,000
200
2,000
600
P 80,900
80,900
Total
P
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.
Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.
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