CH 16 Per Instructor - Solution to ASSIGN 13

CH 16 Per Instructor - Solution to ASSIGN 13 - ACCT 2500...

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ACCT 2500 Possible Solution to Assignment 13 Solutions to Exercises and Problems 17-1. 1. d . 6. b . 2. b . 7. b . 3. a . 8. d . 4. d . 9. a . 5. d . 10. c . 14-1
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Ch. 17, Solutions (Cont’d) 17-2. a . GONZALEZ COMMUNITY HOSPITAL GENERAL JOURNAL ENTRIES FISCAL YEAR 2008 Debits Credits 1. ACCOUNTS AND NOTES RECEIVABLE 3,461,900 CONTRACTUAL ADJUSTMENTS 123,000 PATIENT SERVICES REVENUE 3,584,900 2. CASH 3,775,600 ASSETS LIMITED AS TO USE CASH 7,350 ACCOUNTS AND NOTES RECEIVABLE 3,575,600 CONTRIBUTIONS UNRESTRICTED 200,000 INVESTMENT INCOME UNRESTRICTED 7,350 3. FISCAL AND ADMIN. SERVICES EXPENSES 167,900 GENERAL SERVICE EXPENSES 181,200 NURSING SERVICES EXPENSES 278,800 OTHER PROFESSIONAL SERVICES EXPENSES 263,100 ACCOUNTS PAYABLE 891,000 4. FISCAL AND ADMIN. SERVICES EXPENSES 253,700 GENERAL SERVICES EXPENSES 179,200 NURSING SERVICES EXPENSES 559,200 OTHER PROFESSIONAL SERVICES EXPENSES 422,400 ACCRUED PAYROLL 1,414,500 2
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Ch. 17, Solutions, 17-2 (Cont’d) Debits Credits 5. INTEREST EXPENSE 280,000 MORTGAGE PAYABLE 500,000 ACCOUNTS PAYABLE 936,800 ACCRUED PAYROLL 1,479,500 ASSETS LIMITED AS TO USE CASH 30,000 CASH 3,226,300 6. (a). ASSETS LIMITED AS TO USE CASH 10,590 ASSETS LIMITED AS TO USE INVESTMENTS 10,000 INVESTMENT INCOME UNRESTRICTED 590 (b). ASSETS LIMITED AS TO USE INVESTMENTS 30,000 ASSETS LIMITED AS TO USE CASH 30,000 (c). EQUIPMENT 12,300 ASSETS LIMITED AS TO USE CASH 12,300 7. DEPRECIATION EXPENSE 245,500 ACCUMULATED DEPRECIATION BUILDINGS 117,000 ACCUMULATED DEPRECIATION EQUIPMENT 128,500 8. (a). PROVISION FOR BAD DEBTS 3,800 ALLOWANCE FOR UNCOLLECTIBLES 3,800 (b). INVENTORY 2,100 FISCAL AND ADMIN. SERVICES EXPENSES 700 NURSING SERVICES EXPENSES 200 OTHER PROFESSIONAL SERVICES EXPENSES 2,700 GENERAL SERVICES EXPENSES 300 14-3
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Ch. 17, Solutions, 17-2 (Cont’d) Calculations: 73,100 – 71,000 = 2,100 8,000 – 7,300 = 700 17,000 – 16,800 = 200 40,000 – 37,300 = 2,700 9,000 – 8,700 = 300 Debits Credits (c). MORTGAGE PAYABLE 500,000 CURRENT PORTION OF MORTGAGE PAYABLE
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This note was uploaded on 04/12/2011 for the course ACCT 2500 taught by Professor Johnmalone during the Fall '08 term at Cuyahoga CC.

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CH 16 Per Instructor - Solution to ASSIGN 13 - ACCT 2500...

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