Assets of $525,000 Liabilities of $400,000 1. Bought new piece of equipment for $80,000 on 1/1/X0 2. Used $50,000 in inventory on patient services 3. Paid employees wages of $120,000 4. Billed patients for services in the amount of $230,000 5. Ordered supplies in the amount of $25,000 6. Received payment on previously billed accounts in the amount of $325,000 7. Bought inventory/supplies in the amount of $35,000 on account. 8. Bought a 3-year insurance policy on 1/1/X0 for $9,000 9. Account for a year's worth of use on the previously paid for insurance policy 10. Account for a year's worth of straight-line depreciation of the equipment bought in \#1 with useful life of 10 years and 25% salvage value. 11. Paid on mortgage a total of $360,000 year with $60,000 of this total being interest. Complete the journal entries and worksheets prior to answering the following questions: For \#3 Wages and Salary Expense would be a journal entry The new Equity total and the beginning balance for the next period would be: The organization made a profit or loss over this period Liabilities increased or decreased over this period Yes or No: There is a journal entry for transaction \#5 The new Asset total and the beginning balance for the next period is: For \#4 Routine Services Revenue would be a journal entry T/F: For \#10 there is a debit journal entry to Accumulated Depreciation - Equipment account T/F:#1 is an example of Capitalization in business