On July 1, Lincoln Hospital had the following beginning balances: Assets Liabilities Net Asset: $610,700 $210,000 $400,700 Transactions completed during the month of July were as follows: 1. The hospital purchased supplies on account. 2. The hospital borrowed money from a bank. The hospital billed patients for those supplies with a markup. 4. Patients were billed for other services. 5. New equipment was purchased with cash. 6. The hospital collected on accounts receivable. $33,200 $64,000 3. The hospital used supplies from inventory to provide patient care $14,500 $32,000 $62,000 $4,400 $43,000 7. Part of the bank loan was paid off with a disbursement of: $29,500 This payment included interest of: $1,400 8. Employees were paid salaries and wages for the current month. 9. The hospital made payment on accounts payable. $47.695 $6,700 out of (max): Required: (1) Prepare a debit and credit analysis of the nine transactionsin T-account form, including a closing entry at July 31. (2) Indicate the balance of each account at July 31. Liabilities Assets Expenses Net Assets Revenues BB, 7/1: 1 2 3 4 5 6 7 8 9 Totals Closing Entry: EB, 7/31: check Ending Balances for Lincoln Hospital JJuly 31. Contents 1-8 Ch 1 P1 P2 P3 P4 Ch 2 P5 P6 P7 P8 G