Reference no: EM132941125

Question - Jose Lacson opened Lacson's Chiropractic Clinic. The following transactions occurred during May of this year:

a. Lacson invested 180,000 cash in his professional practice.

b. Lacson invested in the firm his professional equipment with a fair market value of 72,000.

c. Bought a filing cabinet on account from Firmo Office Essentials, 3,260.

d. Paid cash for chairs for the waiting room, 4,260.

e. Bought a personal copier for 15,400 from Penaco Office Machines, paying 7,400 down; the balance is due in thirty days.

f. Received and paid telephone bill, 990.

g. Billed patients for professional services performed, 16,120.

h. Paid 1,800 as membership dues to the national chiropractic association

i. Received and paid electric bill, 910.

j. Received 6,900 from patients previously billed in transaction (g).

k Paid in full accounts related to purchase of a filing cabinet

l. Paid office rent for the month, 5,000.

m. Received 2,420 cash from walk-in patients.

n. Paid salaries of nurse assistant, 8,250.

o. Lacson withdrew cash for personal use, 11,500.

Required -

1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipment; Medical Equipment; Accounts Payable; Lacson,Capital; Lacson, Withdrawals; Service Revenues; Salaries Expense; Rent Expense; Utilities Expense and Miscellaneous Expense.

2. Record the transactions directly into the T-accounts using the alphabets to identify each transaction.

3. Prepare a trial balance.