Do the journal entries and the worksheet for the following prior to answering the questions: Reagan Hospitals beginning balances for 12/1/2021 were: $400,000 in equity $475,000 in liabilities $875,000 in assets 1. Paid $71,500 on a mortgage with $1,500 interest included in that amount. 2. Paid wages to employees in the amount of $135,000 3. Billed patients for services in the amount of $258,000 4. Ordered a replacement part in the amount of $16,000 on 12/15/2021 5. Used supplies in the amount of $86,000 for patient services 6. Purchased inventory on account in the amount of $98,000 7. Collected $140,000 on patient accounts 8. Equipment was depreciated in the amount of $42,000 For #1 Interest 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? Yes or No: Is it possible to have positive assets and still suffer a loss over a time period [Choose ] [Choose ] [Choose ] [Choose ]

Do the journal entries and the worksheet for the following prior to answering the questions: Reagan Hospitals beginning balances for 12/1/2021 were: $400,000 in equity $475,000 in liabilities $875,000 in assets 1. Paid $71,500 on a mortgage with $1,500 interest included in that amount. 2. Paid wages to employees in the amount of $135,000 3. Billed patients for services in the amount of $258,000 4. Ordered a replacement part in the amount of $16,000 on 12/15/2021 5. Used supplies in the amount of $86,000 for patient services 6. Purchased inventory on account in the amount of $98,000 7. Collected $140,000 on patient accounts 8. Equipment was depreciated in the amount of $42,000 For \#1 Interest 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? Yes or No: is it possible to have positive assets and still suffer a loss over a time period