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Prepare Journal Entries, Ledger and Trial Balance For The Following Transactions

Samuel Barbo started his medical practice in March 2018 by investing 42,500 pesos of personal funds. He acquired medical equipment for 95,000 pesos by paying 15,000 in cash and financing the remainder with an 80,000 peso note payable. Throughout the month, Barbo provided medical services, paid various business and personal expenses, and received payments from patients.

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1K views

Prepare Journal Entries, Ledger and Trial Balance For The Following Transactions

Samuel Barbo started his medical practice in March 2018 by investing 42,500 pesos of personal funds. He acquired medical equipment for 95,000 pesos by paying 15,000 in cash and financing the remainder with an 80,000 peso note payable. Throughout the month, Barbo provided medical services, paid various business and personal expenses, and received payments from patients.

Uploaded by

Rie Cabigon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Prepare journal entries, ledger and trial balance for the following transactions.

On March 2018, Samuel Barbo, a recent medical topnotcher started his medical practice. During the month of March, the
following transactions were completed.
March 2018
01- Barbo invested P42,500 personal funds in a new bank account in the name of Samuel Barbo, M. D.
02- Acquired medical equipment costing P95,000 from Tambilo medical Equipment Co., paying p15,000 in cash and financing the
remainder by using a P80,000 note payable.
03- Paid rent for the month, P7,500.
05- Acquired medical supplies from Suiza Medical Supply Co., on account P15,250.
07- Received P18,450 in cash from patients for medical services rendered this week.
09- Paid Pablo Labs for preparing laboratory work on a patient, P1,800.
12- Paid salaries of medical technician and receptionist, P9,600.
15- Billed patientsP51,700 for services rendered.
17- Paid Suiza Medica Co., P3,750.
20- Paid telephone expense, P850.
21- Paid miscellaneous expense, P1,150.
22- Received P27,500 from patients billed on March 15.
23- Acquired additional medical supplies from Suiza Medical Supply Co., on account P9,100.
25- Paid salaries, P11,200.
26- Billed patients P40,150 for services rendered.
27- Paid Suiza Medical Supply Co., P6,150.
28- Withdrew P15,000 from the medical practice for personal use.
The Chart of accounts for Samuel barbo M.D is as follows:
110 Cash 320 barbo, Withdrawals
120 Accounts Receivable 410 Medical Revenues
130 Medical Supplies 510 Salaries expense
140 Medical Equipment 520 Rent expense
210 Notes Payable 530 Laboratory expense
220 Accounts Payable 540 Telephone expense
310 Barbo, Capital 550 Miscelleneous expense

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