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Home / Questions / 3. On October 1, Taylor Memorial Hospital had $450,000 of assets, $150,000 of liabilities, and $300,

3. On October 1, Taylor Memorial Hospital had $450,000 of assets, $150,000 of liabilities, and $300,

3. On October 1, Taylor Memorial Hospital had $450,000 of assets, $150,000 of liabilities, and $300,000 of net assets. Transactions completed during the month of October were as follows: 1. The hospital borrowed $50,000 from a bank. 2. The hospital purchased supplies on account for $20,000. 3. Seventy-five percent of the supplies were issued from inventory and used in patient care. Patients were billed for $21,000. 2 4. The hospital paid $45,000 of salaries and wages to employees. 5. Patients were billed for $48,500 of other services. 6. The hospital paid $30,400 (including $400 interest) on the bank loan. 7. The hospital paid $17,000 on its accounts payable. 8. The hospital collected $59,000 on patients’ accounts. Complete all necessary journal entries and a general ledger (using the total real/nominal accounts, not sub-accounts) and appropriate ending balances, end of June.

 

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