Question
i need to complete this but I still confused List and record each transaction for S. Zee Outpatient Clinic under the accrual basis of accounting
i need to complete this but I still confused
List and record each transaction for S. Zee Outpatient Clinic under the accrual basis of accounting at December 31, 20X1.thendevelop a balance sheet as of December 31, 20X1, and a statement of operations for the year ended December 31, 20X1.
oThe clinic received a $3,000,000 of unrestricted cash contribution from the community. (Hint: this transaction increases the unrestricted net assets account.)
oThe clinic purchased $2,000,000 of equipment. The clinic paid cash for the equipment.
oThe clinic borrowed $1,000,000 from the bank a long-term basis,
oThe clinic purchased $1,500,000 of supplies on credit.
oThe clinic provided $5,500,000 services on credit.
oIn the provision of these services, the clinic used $1,000,000 of supplies.
oThe clinic received $500,000 in advance to care for capacitated patients.
oThe clinic incurred $2,000,000 in labor expenses and paid cash for them.
oThe clinic incurred $1,500,000 in general expenses and paid cash for them.
oThe clinic received $4,500,000 form patients and their third parties in payment of outstanding accounts.
oThe clinic met $300,000 of its obligation to capacitated patients in Transaction g.
oThe clinic made a $100,000 cash payment on the long-term loan.
oThe clinic also made a cash interest payment of $50,000.
oA donor made a temporarily restricted donation of $100,000 to be used for operations.
oThe clinic recognized $200,000 in depreciation for the year.
oThe clinic recognized $500,000 of patient accounts would not be received.
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