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Please peer check me and explain why I am wrong where applicable. Question 2 (Points possible: 4.5) Heatley Hospital provided the following partial list of
Please peer check me and explain why I am wrong where applicable.
Question 2 (Points possible: 4.5) Heatley Hospital provided the following partial list of transactions for the current month. Under the heading of each element of the accounting equation, indicate whether the transaction increases, decreases, or has no effect. The first transaction has been provided for illustration. = + = + = + = + = + Transaction: 1. Provided services to patients on account 2. Paid cash for utilities for the current month 3. Borrowed cash by issuing bonds 4. Purchased supplies on account 5. Purchased new equipment on account 6. Borrowed cash from the bank 7. Received a cash donation from a community member 8. Paid cash for employees' salaries for the current month 9. Paid cash for supplies purchased on account in a prior period 10. Received cash on account for services billed in a prior period Assets Increase Decrease Increase Increase Increase Increase Increase Decrease Decrease Increase = Liabilities No effect No effect Increase Increase Increase Increase No effect No effect Decrease No effect + Net Worth Increase Decrease No effect No effect No effect No effect Increase Decrease No effect Increase = + = + = + = + + Next question Each transaction 0.5 pointsStep by Step Solution
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