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1. Goodcare Hospital has the following Revenue information available from its Trial Balance at 12/31/17: Professional Services Revenue $187,000 Routine Services Revenue $125,000 Perform only

1. Goodcare Hospital has the following Revenue information available from its Trial Balance at 12/31/17: Professional Services Revenue $187,000 Routine Services Revenue $125,000 Perform only the closing journal entry to close the revenue accounts as a part of the closing process. Also show the t-accounts for these revenue accounts and show the closing process for these accounts via your t-accounts. (7 points) 2. Explain when revenues are recorded under accrual accounting. Why is this more advantageous than the cash accounting system? (3 points) cash

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