Presented below is the balance sheet for the Leopoldo Medina Nursing Home: Leopoldo Medina Nursing Home Balance Sheet De

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Presented Below Is The Balance Sheet For The Leopoldo Medina Nursing Home Leopoldo Medina Nursing Home Balance Sheet De 1 (55.29 KiB) Viewed 52 times

Presented below is the balance sheet for the Leopoldo Medina Nursing Home: Leopoldo Medina Nursing Home Balance Sheet Dec 31, 2014 ASSETS P 16,000 165,000 21,000 P 202,000 Current Assets Cash Accounts Receivable Supplies Non-current Assets Land Nursing Home Nursing Equipment Total Assets 90,000 350,000 160,000 600,000 P 802,000 LIABILITIES AND OWNER'S Liabilities EQUITY Accounts Payable Notes Payable Total Liabilities 47,000 350,000 397,000 Owner's Equity Medina, Capital Total Liabilities and Owner's Equity 405,000 P 802,000 During the month of January 2015, the following transactions tool place: Jan. 2 Acquired supplies on account, P17,500. 6 Collected P82,000 from patients for services provided in 2014. 10 Acquired nursing equipment on account, P35,000. 11 Billed patients P167,000 for nursing fees. 12 Paid P31,000 on accounts payable. 17 Paid nursing salaries, P24,000. 20 Paid utilities expense, P 9,000. 25 Medina withdrew P10,000 from the business. 27 Received a bill from the Ryan Morales Ad Company for P12,500 for advertising expense incurred during the month. 31 Paid P15,000 of the notes payable, Required: (1) Enter the Dec 31, 2014 balances in a financial transaction worksheet. (2) Record the transactions for the month of January 2010 (3) Determine the balances of accounts using T-account.