Reference no: EM132578311

Question - Jose Lacson opened Lacson's Chiropractic Clinic. The following transactions occurred during June 2020.

a. Lacson invested P180,000 cash in his professional practice.

b. Lacson invested in the firm his medical equipment with a fair market value of P72,000.

c. Paid cash for chairs for the waiting room, P4,620.

d. Paid in advance office rental for 3 months, P15,000.

e. Bought a personal a copier for P15,400 from Penaco Office Machines, paying P7,400 down; the balance is due in 30 days.

f. Received and paid telephone bill, P990.

g. Billed patients for professional services performed, P16,120.

h. Paid P1,800 as membership dues to the national chiropractic association.

i. Received and paid electric bill, P910.

j. Received P6,900 from patients previously billed in transaction (g).

l. Received P2,420 cash from walk- in patients.

m. Paid salaries of nurse of nurse assistant, P8,250.

n. Lacson withdrew cash for personal use, P11,500.

Additional Information (for adjusting entries):

1. Recognize office rental incurred for the month, P5,000.

2. Depreciation for the month, P5,000,to be recognized in relation to the medical equipment acquired (letter b).

3. Accrued revenue amounting to P9,000, for the medical service provided to a patient last June 30, not yet recorded in the books.

Required -

1. Using MS Excel, prepare the journal entries for the transactions given (letter a-n)?

2. In another excel sheet (sheet 2) ,post the journal entries in the appropriate T- accounts: Cash; Accounts Receivable; Prepaid Rent; Office Equipment; Medical Equipment; Accumulated Depreciation-Medical Equipment; Accounts Payable; Lacson, Capital; Lacson, Withdrawals; Service Revenues; Salaries Expense; Rent Expense; Utilities Expense; Depreciation Expense-Medical Equipment and Miscellaneous Expense.

3. Prepare the Worksheet in another excel sheet (Sheet 3).

4. Present your Adjusting Entries (sheet 4)

5. Prepare the financial Statements: Income Statement (sheet 5); Statement of Changes in Equity (sheet 6); & Balance Sheet (sheet 7).

6. Prepare the closing entries (sheet 8).

7. Prepare the post-closing trial balance (sheet 9).