Can you please tell me why my balance sheet is not balancing out based on the information provided in the journal entries and ledger?
1.580,000 worth of medical inventories were purchased. $10,000 was paid in cash and other part was paid on account. Inventory S80.000 Accounts payable $70,000 Debit Credit $10.000 $80,000 Accounts Inventory/Supplies Cash Accounts payable S10,000 S70,000 2. A Ten-year fire insurance policy was purchased from the insurance company for $35,000. Cash Prepaid Insurance $35.000 Credit $35.000 Accounts Prepaid insurance Cash Debit $35,000 S35,000 3. Puchased a new MRI image machine for $ 100,000, paid $ 8,000 for transportation and paid $7000 for installment. Plant & Equipment $115.000 Credit SI15.000 Accounts Plant & Equipment Cash Debit S115,000 FEEFT $115,000 4. Patient discharged who used S40,000 of inventory Inventory Inventory Expense $40.000 Debit S40,000 Accounts Inventory Inventory Expense Credit $40,000 $40,000 5. Bills are submitted to insurance companies in the amount of $75,000 for services rendered to patients: Accounts Reccivable $75,000 Patient Service Revenue $75,000 Credit Accounts Accounts receivable Patient service revenue Debit $75,000 $75,000 6.Cash payments of $90,000 are received for services previously provided and billed: Accounts Receivable $90,000 Cash $90,000 Debit Accounts Accounts receivable Cash Credit $90,000 $90,000 7.Wages due to employees that had been previously recorded as a liability are now paid in cash in the amount of $17,000 Cash Wages Payable $17,000 Credit $17,000 Accounts Wages payable Cash Debit $17,000 $17,000 8. At year of end annual Mortgage payment made $30,000 principle, $50,000 interest Cash Mortgage Payable $30,000 Interest Expense $50,000 Credit $80,000 Accounts Interest Expense Mortgage payable Cash Debit $50,000 $30,000 $80,000 9. End of year adjustment - One year insurance used: Prepaid Insurance $3,500 Insurance Expense $3,500 Debit Accounts Prepaid Insurance Insurance expense Credit $3,500 $3,500 10. End of year adjustment - One year depreciation of CT machine purchased at the beginning of the year . Useful life for MRI machine is 5 years. The salvage value is $30,000 - Please use Double Declining Balance depreciation here. Plant and Equipment $40,000 Depreciation Expense $40,000 Debit Accounts Plant & Equipment Depreciation Expense Credit $40,000 $40,000 Ledger Account (x1000) Expenses Assets Liabilities Net Assets + Revenue Prepaid Insurance Accounts Receivable Inventory Plant & Equipment Home Inventory Interest Insurance Depreciation Labor Wages Payable Accounts Payable Mortgage Payable Unrestricted Temporarily Restricted Permanently Restricted 1 Revenue $57.50 $1,380 $280 $0 $110 $915 $845 $345 $115 $500 $80 $807.50 -$70,000 $920 $10 $35 $115 21 $35 $115 -$40 $40 $75 Beginning Balance 1.Purchasing inventory 2.Purchasing insurance OD 3.Purchasing equipment 4.Inventory out 5.Revenue 6. Collections 7. Wage payment 8. Mortgage payment ZL 9.Insurance adjusment 10. Depreciation Ending Balance $75 -$90 $90 -$17 $80 $17 $50.0 $30.0 -$3.5 $3.5 -$40 $720 $40.0 $40 $753 $89.0 $1,365 $2401 $40 - $50 $3.50 $737.50 $127 $945 $845 $345 $115 $75 NAME OF YOUR HOSPITAL Balance Sheet As of December 31, 2018 ASSETS Current Assets Cash Prepaid Insurance Accounts Receivable Inventory LIABILITIES & NET ASSETS Liabilities Current liabilities Accounts Payable Wages Payable | Long-term liabilities Mortgage Payable Total Liabilities $753,000 $89,000 $1,365,000 $240,000 $737,500 $127,000 $945,000 Fixed Assets Plant & Equipment $655,000 Net Assets Unrestricted Temporarily Restricted Permanently Restricted Total Net Assets $786,500 $345,000 $115,000 TOTAL ASSETS $3,102,000 TOTAL LIABILITIES & NET ASSETS $3,056,000
