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Dowdy Hospital provides you with the following information: Revenues for 20X2 $500,000 Expenses for 20X2 450,000 Hospital net assets, December 31, 20X1 860,000 Revenue and

Dowdy Hospital provides you with the following information:

Revenues for 20X2 $500,000

Expenses for 20X2 450,000

Hospital net assets, December 31, 20X1 860,000

Revenue and expense summary -0-

Required: (1) Prepare closing entries for 20X2 in general journal form. (2) What is the hospitals net assets balance on December 31, 20X2?

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