Question
huntsville hospital completed the following transactions during the month of october 20X1: 1.new equipment was purchased for $16,000 cash 2.supplies were purchased on account for
huntsville hospital completed the following transactions during the month of october 20X1:
1.new equipment was purchased for $16,000 cash
2.supplies were purchased on account for $36,400
3.supplies that had cost $31,200 were issued from inventory for us in hospital activities.
4.payments on accounts payable were $34,700.
5.services rendered to patients during the month were billed as follows:
routine services $84,300
ancillary services $47,900
TOTAL: $132,200
6.collections on patients' accounts totaled $105,750.
7.other revenues collected in cash amounted to $13,600
8.operating expenses were paid as follows:
Salaries and wages: $82,400
utilities: $8,700
insurance: $2,900
repairs: $1,600
other expenses: $7,300
Total: $102,900
9. A short term, 9 percent loan of $15,000 was obtained from a local bank (disregard interest).
-what are all journal entries for Taylor Memorial Hospital?
-the ledger (completed at the main account level) for the hospital?
-what are the ending balances of all real accounts after closing-out the nominal accounts?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started