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Q1. What is the purpose of a Journal and a Ledger? (1M) Q2. The following are account balances (in thousands) of International Medical Service Center.

Q1. What is the purpose of a Journal and a Ledger? (1M)

Q2. The following are account balances (in thousands) of International Medical Service Center. Prepare a statement of operations for the year ended December 31, 2018 (4M)

Net property and equipment

SAR 2,000

Accounts receivable

SAR2,000

Medical claims payable

SAR45,000

Patient service revenue (net of contractuals)

SAR 950,000

Supply expense       

SAR 255,000

Net assets released from restriction for operations

SAR 45, 000

Depreciation expense

SAR 35,000

Transfer to parent corporation

SAR 9,500

Labor expense

SAR300,000

Provision for bad debts

SAR12,000

Unrealized gains from available for sale securities

SAR150,000

Net Assets

SAR66,300

Cash & cash equivalents

SAR110,000

Long-term debt

SAR2,700

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