WRITE YOUR FINAL ANSWERS HERE

HARVARD MEDICAL CENTER

JOURNAL ENTRIES

DATE ACCOUNT TITLES & EXPLANATIONS P.R.

2019

October 1 Cash 110

Marasigan, Capital 310

Additional Investment

Medical Building 160

Land 150

Cash 110

20% Notes Payable 220

Acquired land and building in cash

and balance on notes payable

Medical Supplies 130

Medical Equipment 170

Cash 110

24% Notes Payable 210

Acquired supplies and equipment in

cash and balance on notes payable

2 Prepaid Insurance 140

Cash 110

Paid insurance for a year

 4 Cash 110

Medical Revenue 410

Received cash

7 Medical Supplies 130

Accounts Payable 230

Bought medical supplies on account

10 Salaries Expense 510

Cash 110
Paid salaries

12 Cash 110

Unearned Research Revenues 260

Received cash for research

18 Accounts Receivable 120

Medical Revenues 410
Billed patients for services rendered

21 Repairs Expense 530

Cash 110
Paid repairs

23 Telephone Expense 560

Cash 110
Paid telephone
24 Medical Equipment 170

Accounts Payable 230

Bought equipment on account

25 Cash 110
Accounts Receivable 120
Collected cash from patients

27 Accounts Payable 230

Cash 110
Paid cash on account

30 Marasigan, Withdrawals 320

Cash 110
Withdrew cash

Association Dues Expense 550

Cash 110
Paid dues
 WRITE YOUR FINAL ANSWERS HERE

ACCOUNT:
DEBIT CREDIT DATE

Oct 1

250,000 1

250,000 1

1,000,000 10

250,000 12

50,000 21

1,200,000 23

25

27

30

39,000 30

420,000

59,000 ACCOUNT:
400,000 DATE

Oct 18

25

20,000 ACCOUNT:
20,000 DATE

Oct 1
 7

117,000 31

117,000

ACCOUNT:
DATE

17,000 Oct 2

17,000 31

ACCOUNT:
73,000 DATE

73,000 Oct 1

ACCOUNT:
90,000 DATE

90,000 Oct 1

ACCOUNT:

317,000 DATE
317,000 Oct 31

ACCOUNT:
23,000 DATE

23,000 Oct 1
24

3,000 ACCOUNT:
3,000 DATE
 45,000 ACCOUNT:
45,000 DATE

Oct 1

113,000
113,000 ACCOUNT:
DATE

Oct 1
13,000
13,000
ACCOUNT:
DATE

200,000 Oct 7
200,000 24
27

15,000 ACCOUNT:
15,000 DATE
Oct 31

ACCOUNT:
DATE

Oct 31

ACCOUNT:
DATE

Oct 12

31
ACCOUNT:
DATE
Oct 1

ACCOUNT:
DATE

Oct 30

ACCOUNT:
DATE

Oct 31

ACCOUNT:
DATE

Oct 4
18

ACCOUNT:
DATE

Oct 31

ACCOUNT:
DATE

Oct 10

31
ACCOUNT:
DATE

Oct 31

ACCOUNT:

DATE

Oct 21

ACCOUNT:
DATE

Oct 31

ACCOUNT:

DATE
Oct 30

ACCOUNT:
DATE
Oct 23

ACCOUNT:

DATE

Oct 31

ACCOUNT:
DATE

Oct 31

ACCOUNT:
DATE
Oct 31

31
E YOUR FINAL ANSWERS HERE
HARVARD MEDICAL CENTER
GENERAL LEDGER
Cash
TRANSACTION JR DEBIT

Additional Investment 1 250,000

Acquired land and building 1

Acquired supplies and equipment 1

Paid Insurance for a year 1

Received Cash 1 117,000

Paid salaries 1

Received cash for research 1 90,000

Paid repairs 1

Paid telephone 1

Collected cash from patients 1 113,000

Paid cash on account 1

Withdrew cash 1

Paid dues 1

Accounts Receivable
TRANSACTION JR DEBIT

Billed patients for services rendered 1 317,000

Collected cash from patients 1

Medical Supplies
TRANSACTION JR DEBIT

Acquired supplies and equipment 1 39,000

Bought medical supplies on account 1 17,000

To record deffered supplies expense

Prepaid Insurance
TRANSACTION JR DEBIT

Paid insurance for a year 1 20,000

To record deferred insurance expense

Land
TRANSACTION JR DEBIT

Acquired land and building 1 250,000

Medical Building
TRANSACTION JR DEBIT

Acquired land and building 1 1,000,000

Accumulated Depreciation-Medical Building

TRANSACTION JR DEBIT
To record depreciation expense

Medical Equipment
TRANSACTION JR DEBIT

Acquired supplies and equipment 1 420,000

Bought equipment on account 1 45,000

Accumulated Depreciation-Medical Equipment

TRANSACTION JR DEBIT
To record depreciation expense
24% Notes Payable
TRANSACTION JR DEBIT

Acquired supplies and equipment 1

20% Notes Payable

TRANSACTION JR DEBIT

Acquired land and building 1

Accounts Payable
TRANSACTION JR DEBIT

Bought medical supplies on account 1

Bought equipment on account 1
Paid cash on account 1 13,000

Salaries Payable
TRANSACTION JR DEBIT
To record accrued expense

Interest Payable
TRANSACTION JR DEBIT

To record accrued expense

Unearned Research Revenues

TRANSACTION JR DEBIT

Received cash for research 1

To record unearned revenues 30,000

Marasigan, Capital
TRANSACTION JR DEBIT
Additional Investment 1

Marasigan, Withdrawals
TRANSACTION JR DEBIT

Withdrew cash 1 200,000

Income Summary
TRANSACTION JR DEBIT

Closed income summary account 220,333.33

Medical Revenues
TRANSACTION JR DEBIT

Received cash 1
Billed patients for services rendered 1

Research Revenues
TRANSACTION JR DEBIT

To record unearned revenues

Salaries Expense
TRANSACTION JR DEBIT

Paid salaries 1 73,000

To record accrued expense 51,000

Insurance Expense
TRANSACTION JR DEBIT

To record deferred insurance expense 1,666.67

Repairs Expense
TRANSACTION JR DEBIT

Paid repairs 1 23,000

Supplies Expense
TRANSACTION JR DEBIT

To record deffered supplies expense 35,000

Association Dues Expense

TRANSACTION JR DEBIT
Paid dues 1 15,000

Telephone Expense
TRANSACTION JR DEBIT
Paid telephone 1 3,000

Depreciation Expense - Bldg.

TRANSACTION JR DEBIT

To record depreciation expense 5,000

Depreciation Expense - Equipt.

 TRANSACTION JR DEBIT

To record depreciation expense 9,000

Interest Expense
TRANSACTION JR DEBIT
To record accrued expense 20,000

To record accrued expense 8,000

 WRITE YOUR FINAL ANSWERS HERE

ACCOUNT CODE: 110

CREDIT BALANCE DATE ACCOUNT TITLES & EX

250,000 a Insurance Expense

50,000 200,000

59,000 141,000

20,000 121,000

238,000 b Supplies Expense

73,000 165,000

255,000

23,000 232,000

3,000 229,000 c Depreciation Expense - Bldg.

342,000

13,000 329,000

200,000 129,000

15,000 114,000 Depreciation Expense - Equipt.

ACCOUNT CODE: 120

CREDIT BALANCE

317,000 d Unearned Research Revenue

113,000 204,000

ACCOUNT CODE: 130

CREDIT BALANCE e Salaries Expense

39,000
 56,000

35,000 21,000
f Interest Expense

ACCOUNT CODE: 140

CREDIT BALANCE

20,000

1,666.67 18,333.33

ACCOUNT CODE: 150 DATE ACCOUNT TITL

CREDIT BALANCE 2019

250,000 Oct 31 Medical Revenues

Research Revenues
ACCOUNT CODE: 160
CREDIT BALANCE

1,000,000 Income Summary

ACCOUNT CODE: 165

CREDIT BALANCE
5,000 5,000

ACCOUNT CODE: 170

CREDIT BALANCE

420,000
465,000

ACCOUNT CODE: 175 Income Summary

CREDIT BALANCE
9,000 9,000
 Marasigan, Capital
ACCOUNT CODE: 210
CREDIT BALANCE

400,000 400,000

ACCOUNT CODE: 220

CREDIT BALANCE DATE ACCOUNT TITL

1,200,000 1,200,000 2019

Nov 1 Salaries Payable

ACCOUNT CODE: 230

CREDIT BALANCE Interest Payable

17,000 17,000
45,000 62,000
49,000

ACCOUNT CODE: 240

CREDIT BALANCE
51,000 51,000

ACCOUNT CODE: 250

CREDIT BALANCE

28,000 28,000

ACCOUNT CODE: 260

CREDIT BALANCE

90,000 90,000

60,000
ACCOUNT CODE: 310
CREDIT BALANCE
250,000 250,000

ACCOUNT CODE: 320

CREDIT BALANCE

200,000

ACCOUNT CODE: 330

CREDIT BALANCE

220,333

ACCOUNT CODE: 410

CREDIT BALANCE

117,000 117,000
317,000 434,000

ACCOUNT CODE: 420

CREDIT BALANCE

30,000 30,000

ACCOUNT CODE: 510

CREDIT BALANCE

73,000

124,000
ACCOUNT CODE: 520
CREDIT BALANCE
1,666.67

ACCOUNT CODE: 530

CREDIT BALANCE

23,000

ACCOUNT CODE: 540

CREDIT BALANCE

35,000

ACCOUNT CODE: 550

CREDIT BALANCE
15,000

ACCOUNT CODE: 560

CREDIT BALANCE
3,000

ACCOUNT CODE: 570

CREDIT BALANCE

5,000

ACCOUNT CODE: 580

 CREDIT BALANCE

9,000

ACCOUNT CODE: 590

CREDIT BALANCE
20,000

28,000
NAL ANSWERS HERE
HARVARD MEDICAL CENTER
ADJUSTING ENTRIES

ACCOUNT TITLES & EXPLANATIONS P.R. DEBIT

nsurance Expense 520 1,666.67

Prepaid Insurance 140

To record deferred insurance expense

Supplies Expense 540 35,000

Medical Supplies 130

To record deffered supplies expense

Depreciation Expense - Bldg. 570 5,000

Accumulated Depreciation-Medical Building 165

To record depreciation expense

Depreciation Expense - Equipt. 580 9,000

Accumulated Depreciation-Medical Equipment 175

To record depreciation expense

Unearned Research Revenue 260 30,000

Research Revenue 420

To record unearned revenues

Salaries Expense 510 51,000

Salaries Payable 240

 To record accrued expense

nterest Expense 590 28,000

Interest Payable 220

To record accrued expense

HARVARD MEDICAL CENTER

CLOSING ENTRIES
ACCOUNT TITLES P.R. DEBIT

Medical Revenues 410 434,000.00

Research Revenues 420 30,000.00

Income Summary 330

ncome Summary 330 243,666.67

Salaries Expense 510
Insurance Expense 520

Repairs Expense 530

Supplies Expense 540
Association Dues Expense 550

Telephone Expense 560

Depreciation Expense - Bldg. 570

Depreciation Expense - Equipt. 580

Interest Expense 590

ncome Summary 330 220,333.33

Marasigan, Capital 310
Marasigan, Capital 310 200,000.00
Marasigan, Withdrawals 320

HARVARD MEDICAL CENTER

REVERSING ENTRIES
ACCOUNT TITLES P.R. DEBIT

Salaries Payable 240 51,000

Salaries Expense 510

nterest Payable 250 28,000

Interest Expense 590

CREDIT

No.

1,666.67 110

120

130

140

35,000 150

160

165

170

5,000 175

210

220

230

9,000 240

250

260

310

30,000 320

410

420

510

51,000 520
 530

540

550

28,000 560

570

580

590

CREDIT

464,000.00

124,000.00
1.666.67

23,000.00
35,000.00
15,000.00

3,000.00

5,000.00

9,000.00
28,000.00

220,333.33
 200,000.00

CREDIT

51,000

28,000
WRITE YOUR FINAL ANSWERS HERE

Cash

Accounts Receivable

Medical Supplies

Prepaid Insurance

Land

Medical Building

Accumulated Depreciation-Medical Building

Medical Equipment

Accumulated Depreciation-Medical Equipment

24% Notes Payable

20% Notes Payable

Accounts Payable

Salaries Payable

Interest Payable

Unearned Research Revenue

Marasigan, Capital

Marasigan, Withdrawals

Medical Revenues

Research Revenues

Salaries Expense

Insurance Expense
Repairs Expense

Supplies Expense

Association Dues Expense

Telephone Expense

Depreciation Expense - Bldg.

Depreciation Expense - Equipt.

Interest Expense

PROFIT

HARVARD MEDICAL CENTER

POST-CLOSING TRIAL BALANCE
October 31,2019

Cash
Accounts Receivable

Medical Supplies
Prepaid Insurance
Land

Medical Building

Accumulated Depreciation-Medical Building

Medical Equipment
Accumulated Depreciation-Medical Equipment
24% Notes Payable
20% Notes Payable
Accounts Payable
Salaries Payable
Interest Payable
Unearned Research Revenue

Marasigan, Capital
 HARVAR
FINANC

TRIAL BALANCE ADJUSTMENTS

DEBIT CREDIT DEBIT

114,000.00
204,000.00
56,000.00
20,000.00
250,000.00
1,000,000.00

465,000.00

400,000.00
1,200,000.00
49,000.00

90,000.00 30,000.00
250,000.00
200,000.00
434,000.00

73,000.00 51,000.00
1,666.67
 23,000.00
35,000.00
15,000.00
3,000.00
5,000.00
9,000.00
28,000.00
2,423,000.00 2,423,000.00 159,666.67

HARVARD MEDICAL CENTER

OST-CLOSING TRIAL BALANCE
October 31,2019
114,000.00
204,000.00

21,000.00
18,333.33
250,000.00
1,000,000.00
5,000.00
465,000.00
9,000.00
400,000.00
1,200,000.00
49,000.00
51,000.00
 28,000.00
60,000.00
270,333.33
2,072,333.33 2,072,333.33
 HARVARD MEDICAL CENTER
FINANCIAL WORKSHEET

ADJUSTMENTS ADJUSTED TRIAL BALANCE

CREDIT DEBIT CREDIT

114,000.00
204,000.00
35,000.00 21,000.00
1,666.67 18,333.33
250,000.00
1,000,000.00
5,000.00 5,000.00
465,000.00

9,000.00 9,000.00
400,000.00
1,200,000.00
49,000.00
51,000.00 51,000.00
28,000.00 28,000.00
60,000.00
250,000.00
200,000.00
434,000.00
30,000.00 30,000.00
124,000.00
1,666.67
 23,000.00
35,000.00
15,000.00
3,000.00
5,000.00
9,000.00
28,000.00
159,666.67 2,516,000.00 2,516,000.00
STATEMENT OF FINANCIAL PERFORMANCE

DEBIT CREDIT

434,000.00
30,000.00
124,000.00
1,666.67
 23,000.00
35,000.00
15,000.00
3,000.00
5,000.00
9,000.00
28,000.00
243,666.67 464,000.00
220,333.33
₱ 464,000.00 ₱ 464,000.00
 H
STAT
F
STATEMENT OF FINANCIAL POSITION

DEBIT CREDIT Revenues

114,000.00 Medical Revenues

204,000.00 Research Revenues

21,000.00 Total Revenues

18,333.33 Less: Expenses

250,000.00 Salaries Expense

1,000,000.00 Insurance Expense

5,000.00 Repairs Expense

465,000.00 Supplies Expense

9,000.00 Association Dues Expense

400,000.00 Telephone Expense

1,200,000.00 Depreciation Expense - Build

49,000.00 Depreciation Expense - Equi

51,000.00 Interest Expense

28,000.00 Total Expenses

60,000.00 Net Income

250,000.00
200,000.00
 2,272,333.33 2,052,000.00
220,333.33
₱ 2,272,333.33 ₱ 2,272,333.33
 HARVARD MEDICAL CENTER
STATEMENT OF FINANCIAL PERFORMANCE
For the month ended, October 31, 2019

Medical Revenues 434,000.00

Research Revenues 30,000.00

Total Revenues

Expenses

Salaries Expense 124,000.00

Insurance Expense 1,666.67

Repairs Expense 23,000.00

Supplies Expense 35,000.00

Association Dues Expense 15,000.00

Telephone Expense 3,000.00

Depreciation Expense - Building 5,000.00

Depreciation Expense - Equipment 9,000.00

Interest Expense 28,000.00

Total Expenses
NTER HARVARD ME
ORMANCE STATEMENT OF CHAN
1, 2019 For the month end

Owner's Equity Beginning

Add: Additional Investments

Net Income

464,000.00 Total

Less: Withdrawals

Marasigan, Capital 10/31/2019

243,666.67
₱ 220,333.33
 HARVARD MEDICAL CENTER
ATEMENT OF CHANGES IN OWNER'S EQUITY
For the month ended, October 31, 2019

250,000.00

220,333.33

470,333.33
200,000.00

10/31/2019 ₱ 270,333.33
 HARVARD MEDICAL CENTER
STATEMENT OF FINANCIAL POSITION
For the month ended, October 31,2019

Assets
Current Assets
Cash

Accounts Receivable

Medical Supplies

Prepaid Insurance

Total Current Assets

Property and Equipment (net)

Land

Medical Building 1,000,000.00

Less: Accumulated Depreciation-Medical Building 5,000.00

Medical Equipment 465,000.00

Less: Accumulated Depreciation-Medical Equipment 9,000.00

Total Property & Equipment

Total Assets

Liabilities
Current Liabilities
24% Notes Payable

20% Notes Payable

 Accounts Payable

Salaries Payable

Interest Payable

Unearned Research Revenue

Total Liabilities

Owner's Equity
Marasigan, Capital 10/31/2019
Total Liabilities and Owner's Equity
AL CENTER
CIAL POSITION
October 31,2019

114,000.00

204,000.00

21,000.00

18,333.33
357,333.33

250,000.00

995,000.00

456,000.00

1,701,000.00
2,058,333.33

400,000.00

1,200,000.00
49,000.00

51,000.00

28,000.00

60,000.00

1,788,000.00

270,333.33
2,058,333.33
WRITE YOUR FINAL ANSWERS HERE

JOURNAL ENTRIES

DATE ACCOUNT TITLES & EXPLANATIONS P.R. DEBIT

2019

December 31 Service Revenues 1,065,000.00

Income Summary

To close revenue to income summary

Income Summary 405,000.00

Salaries Expense

Supplies Expense

Depreciation Expense-Furniture

Depreciation Expense- Building

To close expense account to income summary

Income Summary 660,000.00

Pascual, Capital

To close income summary to capital

Pascual, Capital 524,000.00

Pascual, Withdrawals

To close withdrawals to capital

CREDIT

1,065,000.00

295,000.00

20,000.00

30,000.00

60,000.00
660,000.00

524,000.00
WRITE YOUR FINAL ANSWERS HERE

BALANCE SHEET ACCOUNTS

DATE ACCOUNT TITLES & EXPLANATIONS P.R.

Dec 31 Unearned Service Income

Service Income

To record earned portion of the income collected in advance

Advertising Expense

Prepaid Advertising

To record the expired portion of the prepaid advertisement

Salaries Expense

Salaries Payable

To record accrued salaries expense

2020
Jan 4 Salaries Payable

Salaries Expense

Cash
DEBIT CREDIT DATE ACCOUNT TITLES & EXPL

90,000.00 Dec 31 Service Income

90,000.00

45,000.00 Prepaid Advertising

45,000.00

230,000.00 Salaries Expense

230,000.00

2020
230,000.00 Jan 1 Salaries Payable

390,000.00

620,000.00

Unearned Service Income

Advertising Expense

4 Salaries Expense
 INCOME STATEMNT ACCOUNTS
ACCOUNT TITLES & EXPLANATIONS P.R. DEBIT

ervice Income 180,000.00

Unearned Service Income

To record the unearned portion of the income collected in advance

epaid Advertising 90,000.00

Advertising Expense

To record the unexpired portion of the prepaid advertisement

alaries Expense 230,000.00

Salaries Payable

To record accrued salaries expense

alaries Payable 230,000.00

Salaries Expense

nearned Service Income 180,000.00

Service Income

dvertising Expense 90,000.00

Prepaid Advertising

alaries Expense 620,000.00

Cash
CREDIT

180,000.00

90,000.00

230,000.00
230,000.00

180,000.00

90,000.00

620,000.00