Medical office accounting final project, Managerial Accounting

John Doe, MD
A Business Simulation

This simulation covers the transactions completed by John Doe, MD, a medical service business, which began on July 1 of the current year. Dr. Doe provides medical services to individuals.

Accounting Cycle
Dr. John Doe uses a one-month fiscal period. For this purpose, we will be doing the simulation for a half a month. The fiscal period for this simulation will begin on July 1 and ends on July 15th of the current year.

Final project template is located in doc sharing.

Instructions:

1. Use the general journal to journalize the following transactions completed during July of the current year. For this purpose, the final project journal entries will be from July lst to July 15th. Please complete debit and credits for each journal transaction.
2. Please use the chart of accounts to complete the journal entries, you will need this for the second column, Account #.
3. After you have completed the journal entries, the next step is to complete two general ledgers, for cash and medical services. Although each transaction would have general ledger account, you will only be required to do the two general ledger accounts.

Chart of Accounts
Account # Account Name
110 Cash
120 Petty Cash
130 Accounts Receivable-Beverly Jones
140 Accounts Receivable-Bruce Lane
141 Accounts Receivable-John Jones
150 Supplies-Office
160 Supplies-Medical
170 Prepaid Insurance
220 Accounts Payable-Electronics Unlimited
230 Accounts Payable-Office & Home
310 Dr. John Doe, Capital
320 Dr. John Doe, Drawing
410 Medical Services
510 Advertising Expense
530 Miscellaneous Expense
550 Supplies Expense
560 Rent Expense
570 Repair and Cleaning Expense

Transactions to be Recorded
July 1
No. 1. Received cash from the owner, Dr. John Doe, $2,500.00. R1.
July 2
No. 2. Paid monthly rental fee on medical equipment, $680.00. C1. (The business records all rentals in the Rental Expense account when the payment is made.)
No. 3. Paid cash for new medical equipment, $350.00. C2. (At the time of purchase, the business records the purchase costs of all equipment in the Supplies—Medical Equipment account.)
July 3
No. 4. Paid cash for business insurance, $300.00. C3. (The business records all insurance costs in the Prepaid Insurance account when the payment is made.)
No. 5. Paid cash to establish a petty cash fund, $150.00. C4.
July 4
No. 6. Bought office supplies on account from Office&Home, Inc., $50.00. M1. (The business records the cost of all office supplies in the supplies in the Supplies—Office account at the time of purchase.)
No. 7. Paid cash for van rental for the month, $235.00. C6.
July 5
No. 8. Paid cash for office rental for the month, $235.00. C6.
July 6
No. 9. Provided medical services on account to Beverly Jones, $500.00. S1.
July 7
No. 10. Provided medical services to John Jones and received cash, $325.00. R2.
July 8
No. 11. Paid cash for advertising in the local paper, $110.00. C7.
No. 12. Provided medical services to Kate Welden and received cash, $450.00. R3.
July 9
No. 13. Paid cash on account to Office &Home, Inc., $50.00. C8.
No. 14. Paid cash to owner for personal use, $200.00. C9.
July 10
No. 15. Provided medical services to Karen Carter; received $275.00. R4.
July 11
No. 16. Paid cash for miscellaneous expense, $48.00. C10.
No. 17. Paid cash for repair of equipment, $92.00. C11.
July 12
No. 18. Provided medical services on account to Beverly Jones, $500.00. S2.
July 13
No. 19. Bought equipment supplies on account from Electronics Unlimited, $175.00. M2.
No. 20. Provided medical services on account to Bruce Lane, $475.00. S3.
July 14
No. 21. Provided medical services to Linda Leach; received cash, $450.00. R5.
July 15
No. 22. Paid cash for miscellaneous expense, $45.00. C12.
No. 23. Received payment due from Beverly Jones, $1,000.00. R6.
No. 24. Provided medical services to David Browder; received cash, $625.00. R7.
No. 25. Received payment due from Bruce Lane, $475.00. R8.

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