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ActivityMarch 312025

Dr. Jonathan Alegre has opened a medical clinic in Kapalong, Davao del Norte, and has made significant investments in cash and furniture. The document outlines various financial transactions including purchases of medical equipment, income from medical fees, and expenses incurred for supplies and travel. It also includes instructions for preparing journal entries, financial statements, and a trial balance based on these transactions.

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228 views1 page

ActivityMarch 312025

Dr. Jonathan Alegre has opened a medical clinic in Kapalong, Davao del Norte, and has made significant investments in cash and furniture. The document outlines various financial transactions including purchases of medical equipment, income from medical fees, and expenses incurred for supplies and travel. It also includes instructions for preparing journal entries, financial statements, and a trial balance based on these transactions.

Uploaded by

alyzzaarroyo.b
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Dr.

Jonathan Alegre, the sought-after medical practitioner in Davao City, opened medical clinic in Kapalong, Davao del
Norte.

Chart of Accounts Furniture & Fixtures


Medical Equipment
Assets Ambulance Car
Cash on Hand Liabilities
Accounts Receivable Accounts Payable
Prepaid Insurance Notes Payable
Unused Medical Supplies

Owner's Equity Taxes and Licenses


J. Alegre, Capital Utilities Expense
J. Alegre, Drawing Gas and Oil
Income Miscellaneous
Medical Fees Income Professional Development Expense
Expenses Travelling Expense
Salaries Expense
Narrative Transactions:
Aug. 1- Dr. Alegre invested cash amounting to P2,000,000 and a cl furniture worth P2,500,000.
2- Bought medical equipment on account from Manila Mec Equipment Supply Company amounting to P750,000,
paying P200,000 and issued a note for the balance.
4- Bought medical supplies for cash, P100,000.
5 -The doctor withdrew for his personal use, P15,000.
7- Medical fees income earned for the week:
Cash P50,000
On account 60,000
9- Dr. Alegre made an additional cash investment of P350,000.
10- Dr. Alegre travelled to Davao City to attend urgent conference Davao Medical School Foundation and incurred
expenses of P2,500
11-Full payments of the note issued to Manila Medical Equipment Supply Company, P550,000.
14- Medical fees income earned for the week: Cash P30,000 On account 10,000
15 Collected in full the patients' accounts of Aug. 7, P60,000.
16- Dr. Alegre attended a 2-day conference for medical practitioners in Manila and incurred expenses of P25,000.
18- Bought medical supplies on account from AMESCO, P30,000.

20- Bought an ambulance car on account, P1,500,000, paying P850,000 at down payment and issued a
promissory note for the balance. as downpayment and issued promissory note for the balance
23- Bought gasoline for ambulance car on account from Flying V gas station, P2,500.
25 Paid insurance premiums for the ambulance car, P25,000.
26 Paid the account with Flying V gas station, P2,500.
27 Paid light and water bills, P30,000. (Utilities Expense)
28 Medical fees income for two weeks: Cash P40,000 On account 70,000
29 Paid medical subscription magazines, P1,500. Expense). (Miscellaneous Expense)
30- Paid taxes & licenses, P20,000
31- Paid in full the balance of the note issued for the ambulance car P650,000.
-Purchased medical supplies on account from Mr. Nestor Alegre P60,000.
-Paid salaries to hospital employees, P100,000.

Prepare the journal entries, Prepare Income Statement, Statement of Changes in


Post the journal entries using t-accounts/ledger, and Equity, and Statement of Financial Position
Prepare the trial balance. Prepare Closing Entries and Post Closing Trial Balance

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