Dr. Jennifer Catapang, upon completing a residency program at Harvard Medical Center, established a medical practice in Quezon City. during October 2019, the first month of operations, the following transactions occurred: Oct. 1 Dr. Catapang transferred P250,000 from hier personal checking account to a bank account, Dr. Jennifer Catapang, M.D. A medical clinic, P1,000,000 and land, P250,000 were acquired by paying P50,000 in cash and issuing a 5-year 20% note payable (interest is payable every 6 months) for the 1,200,000 balance. Acquired medical equipment costing P420,000 and medical supplies amounting to P39,000 by paying P59,000 cash and issuing a 24% note payable, maturing in 6 months, for the 400,000 balance. Oct. 2 Acquired "all-in-one" insurance for a year, P21,000 Oct. 4 Received cash from patients amounting to P117,000 Oct. 7 Oct. 10 Oct. 12 Oct. 18 Oct. 21 Bought medical supplies on account from Fairview Supply, P17,000. Paid salaries of nurses and office staff, P73,000. Received P90,000 from the Adeline Experimental Drug Center for research to be conducted by Dr. Catapang over the next 3 months. Billed patients P317,000 for services rendered. Paid P23,000 for repairs to the medical equipment Paid the telephone bill, P3,000. Bought medical equipment on account from Dr. Raga, P45,000. Collected P113,000 from patients billed on the 18th. Paid P13,000 on account to Fairview Supply. Withdrew P200,000 in cash from the medical practice. Paid P15,000 dues to the Quezon City Medical Association Oct. 23 Oct. 24 Oct. 25 Oct. 27 Oct. 30 Oct. 30 REQUIRED: 1. Establish the following accounts in a ledger Cash Catapang, Capital Accounts Receivable Catapang, Withdrawals Medical Supplies Income Summary Prepaid Insurance Medical Revenues Land Research Revenues Medical Building Salaries Expense Accumulated Depreciation - Medical Building Insurance Expense Medical Equipment Repairs Expense Accumulated Depreciation - Medical Eqpt. Supplies Expense 24% Notes Payable Telephone Expense 20% Notes Payable Depreciation Expense - Bldg Accounts Payable Depreciation Expense - Equipt. Salaries Payable Interest Expense Interest Payable Unearned Research Revenues 2. Record the following adjustments: a. insurance for one month has expired. b. Medical supplies on hand at month-end amounted to P21,000 c. Depreciation on the medical building and on the medical equipment is P5,000 and P9,000, respectively. d. Unearned research revenues in the amount of P30,000 have been earned. e. Salaries of 51,000 have accrued. f. interest on 20% and 24% notes are P20,000 and P8,000, respectively. 3. Post the entries to the ledger (label by date) and prepare trial balance. 4. Prepare closing entries and post-closing trial balance. 5. Prepare Balance Sheet and Income Statement