Medical office accounting final project, Managerial Accounting

Assignment Help:
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.

Related Discussions:- Medical office accounting final project

Dentify and explain the many classsification of cost, dentify and explain t...

dentify and explain the many classsification of cost for planning,control,performance evaluation and decision making

Describe breadth indicators and market sentiment indicators, Describe bread...

Describe breadth indicators and market sentiment indicators? 1. Distinguish among technical and fundamental analysis. As well explain essential concepts underlying chart analys

Market value-transfer pricing methods, Market value There is universal ag...

Market value There is universal agreement that in competitive markets a market value based transfer price should achieve optimal results. In this circumstance, it can be expected

What are the assumptions underlying the cvp analysis, Assumptions Underlyin...

Assumptions Underlying the CVP Analysis CVP analysis as discussed above is based on certain assumptions . if these assumptions are not recognized then serious error may result

Long run shutdown point, what are the factors should be considered before ...

what are the factors should be considered before terminated the operation of a losing firm??

Total overhead cost variance, Problem From the following data, calculat...

Problem From the following data, calculate overhead variances of following: (a) Variable overhead expenditure variance (b) Fixed overhead expenditure variance (c) Total ov

Explain briefly about life cycle costing, LIFE CYCLE COSTING Introduc...

LIFE CYCLE COSTING Introduction Life cycle costing as its name implies costs the cost object i.e., product project etc. over its projected life. It is used to explain a s

The least-cost method, The least-cost method The process is described a...

The least-cost method The process is described as follows: Assign as much as possible to the variable with the least unit cost in the whole tableau. (Ties are broken randomly).

Queuing problems, Queuing problems There are two main approaches to que...

Queuing problems There are two main approaches to queuing problems: •    simulation •    queuing theory formula Where simple situations apply, queuing theory should be used

Determine how the airline company has grown, From the subsequent financial ...

From the subsequent financial data describe: a) How the airline company has grown-up b) How the company has been capable to earn grater margins at higher levels of sales

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd