Recording Financial Information

Order Instructions/Description

 
1. Create a journal entry and a T-Account for each of the following transactions:
a. $15,000 worth of equipment is purchased on credit.
b. $40,000 of patient bills from last year are collected in cash.
c. $10,000 is received from a managed care company for services to be rendered next year for members

  1. Create a journal entry and a T-Account for each of the following transactions:
    a. $5,000 of accounts payable is paid in cash.
    b. $30,000 of cash is received from taking out a note with the local bank.
    c. $10,000 of accounts receivable from last year is received in cash.