Dr Nick Marasigan, upon completing residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna During October 2018, the first month of operations, the following transactions occurred October 1 Dr Marasigan transferred P250,000 from his personal account to a bank account, Dr Marasigan, M D 1 A medical Clinic building, 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 balance 1 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 P400,000 balance 2 Acquired all in one insurance for a year, P24,000 4 Received cash from patients amounting to P117,000 7 Bought medical supplies on account from San Pablo Supply, P17,000 10 Paid salaries of nurses and office staff, P73,000 18 Billed patients P317,000 for services rendered 21 Paid P23,000 for repairs to the medical equipment 23 Paid the telephone bill, P3,000 24 Bought medical equipment on account from Dr De Leon, P45,000 25 Collected P113,000 from patients billed on the 18 th 27 Paid P13,000 on account to San Pablo Supply 30 Withdrew P200,000 in cash from the medical practice Page 2 of 2 The following information given to you by the office staff are susceptible of adjustments on December 31, 2018 a Part of the insurance has accrued b Medical supplies used for the period amounted to P31,000 c The Medical Building was expected to have a 20 year life after which it will be worthless d The Medical Equipment that was bought on October 1 has a 10 year life after which it can be sold for P50,000 e The Medical Equipment that was bought on account from De Leon has an estimated useful life of 5 years with no salvage value f Salaries of P51,000 have accrued g The interest on the 24 note payable has accrued h The interest on the 20 note payable has accrued Given below is the chart of accounts used by the office staff of Dr Marasigan to record its business transactions Assets Income Cash Medical Revenues Accounts Receivable Medical Supplies Expenses Prepaid Insurance Land Salaries Expense Medical Building Insurance Expense Accumulated Depreciation MB Repairs Expense Medical Equipment Supplies Expense Accumulated Depreciation ME Telephone Expense Depreciation Expense MB Liabilities Depreciation Expense ME Interest Expense Notes Payable Accounts Payable Salaries Payable Interest Payable Owner's Equity Marasigan, Capital Marasigan, Withdrawals Income Summary REQUIRED 1 Journalize the following transactions 2 Post the transactions using T accounts 3 Prepare unadjusted trial balance 4 Prepare the adjusting entries

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Dr  Nick Marasigan, upon completing residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna  During October 2018, the first month of operations, the following transactions occurred  October 1 Dr  Marasigan transferred P250,000 from his personal account to a bank account, Dr  Marasigan, M D  1 A medical Clinic building, 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 balance  1 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 P400,000 balance  2 Acquired  all in one  insurance for a year, P24,000  4 Received cash from patients amounting to P117,000  7 Bought medical supplies on account from San Pablo Supply, P17,000  10 Paid salaries of nurses and office staff, P73,000  18 Billed patients P317,000 for services rendered  21 Paid P23,000 for repairs to the medical equipment  23 Paid the telephone bill, P3,000  24 Bought medical equipment on account from Dr  De Leon, P45,000  25 Collected P113,000 from patients billed on the 18 th   27 Paid P13,000 on account to San Pablo Supply  30 Withdrew P200,000 in cash from the medical practice  Page 2 of 2 The following information given to you by the office staff are susceptible of adjustments on December 31, 2018  a  Part of the insurance has accrued  b  Medical supplies used for the period amounted to P31,000  c  The Medical Building was expected to have a 20 year life after which it will be worthless  d  The Medical Equipment that was bought on October 1 has a 10 year life after which it can be sold for P50,000  e  The Medical Equipment that was bought on account from De Leon has an estimated useful life of 5 years with no salvage value  f  Salaries of P51,000 have accrued  g  The interest on the 24  note payable has accrued  h  The interest on the 20  note payable has accrued  Given below is the chart of accounts used by the office staff of Dr  Marasigan to record its business transactions  Assets Income Cash Medical Revenues Accounts Receivable Medical Supplies Expenses Prepaid Insurance Land Salaries Expense Medical Building Insurance Expense Accumulated Depreciation  MB Repairs Expense Medical Equipment Supplies Expense Accumulated Depreciation  ME Telephone Expense Depreciation Expense  MB Liabilities Depreciation Expense  ME Interest Expense Notes Payable Accounts Payable Salaries Payable Interest Payable Owner's Equity Marasigan, Capital Marasigan, Withdrawals Income Summary REQUIRED  1  Journalize the following transactions  2  Post the transactions using T accounts  3  Prepare unadjusted trial balance  4  Prepare the adjusting entries

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