Accounts-Q1

Accounts-Q1 Online Services

 

  Account BS or IS A/L/NA/R/E Dr Cr
  1 Salary expense IS Expense 2,000,000  
       Wages payable BS Liability   2,000,000
             
  2          
             
             
  3          
             
             
  4          
             
             
  5          
             
             
  6          
             
             
  7          
             
             
  8          
             
             
  9          
             
             
  10          
             
             
  11          
             
             
  12          
             
             
  13          
             
             
  14          
             
             
  15          
             
             
  16          
             
             
  17          
             
             
  18          
             
             
  19          
             
             
  20          
             
             
    Totals     2,000,000 2,000,000

 

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Related Services

 

Chart of Accounts:    
Assets  
Cash  
Accounts receivable  
  Allowance for Uncollectible Accounts
Property, Plant & Equipment  
  Accumulated depreciation  
Marketable securities  
Prepaid expenses  
Inventory  
   
Liabilities  
Accounts payable  
Wages payable  
Loans payable  
Interest payable  
   
Net Assets  
Restricted Net Assets  
Net Assets  
   
Revenue  
Net Patient service revenue  
Other revenue  
   
Expenses  
Salaries  
Benefits  
Medical supplies and expenses
Administrative expenses  
Depreciation  
Bad Debt  
Insurance  
Interest  
       

 

 

Transactions to record for the month of January
 

1- Salaries of $2,000,000 are accrued
2- Salaries of $2,000,000 are paid in cash.
 

3- A CAT scan is purchased with a loan payable for $3,000,000.
4- Medical supplies are purchased for $500,000 on account (this means accounts payable- to be paid off at a later date).
 

5- $ 250,000 of medical supplies are used are should be expensed. Remember the matching principle- expense not recorded on purchase but when used.
6- $50,000 of administrative supplies are purchased and placed into inventory.
 
7- A utility bill of $25,000 is received.
8- Last month’s utility bill of $15,000 is paid in cash. The liability was accrued last month.
9- Employee benefits of $350,000 are paid in cash.
 
10- Patient billings, net of contractual allowances and charity care, are accrued for the month in the amount of $5,000,000.
11- $275,000 of prior accounts receivable are deemed uncollectible or bad debts.
12- Cafeteria revenue is recorded for the month of $20,000. This revenue is recorded as Other Revenue and is received in cash.
 
13- $5,000 of administrative expenses are used in the month of January.
14- A donation of $500,000 is received. The donation is restricted in its use.
15- An insurance policy for $12,000 is purchased in the month of January and paid for in full. It covers the months of January – December.
 
16- Record the insurance expense for the month of January related to #15- one month= $1,000.
17- Interest expense for the CAT scan loan is accrued for the year at $24,000.
18- Interest expense on the loan is paid for January in the amount of $2,000.
 
19- Medical supplies are purchased for $30,000 and placed in inventory.
20- Depreciation is recorded for the month for the PPE of $285,000.
 
Product Code-Accounts-Q1
 
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