Hos. Accounting ASAP

chapter4.xlsx

Ch. 4 Exercises

E4.1.	1) Using the provided information, the journal closing entries are:
		Accounts and Explanations	Account Number	Debit	Credit
E4.1.	2) Using the provided information, the net asset balance on December 31, 20X2 is:
		Net assets at 12/31/X2	$0
E4.2.	1) Using the provided information, the preclosing trial balance is:
			$0	$0
E4.2.	2) The postclosing trial balance is:
			$0	$0
E4.3.	Using the provided information,
	1)	The total revenues for the year were
	2)	The total expenses for the year were
	3)	The excess of revenues over expenses were
	4)	Hospital net assets at the end of the year were
E4.4.	Given the multiple choice questions, the answers are:
	1)	Posting is an accounting procedure in which
	2)	A trial balance can be prepared
	3)	In closing entries
	4)	Under the accrual basis of accounting, revenues are recorded
	5)	Given the provided information, under the accrual basis of accounting, the excess of revenues over expenses for the period should be:

&"Arial,Italic"&11Chapter 4: Exercises

P4.1.	Using the provided information, the closing journal entries are:
		Accounts and Explanations	Account Number	Debit	Credit
		To close revenue accounts
		To close expense accounts
		To close excess of revenues over expenses to net assets

&"Arial,Italic"&11Chapter 4: Problems

P4.2.	1) Using the provided information, the general worksheet is:
			Trial Balance 12/31/X2		20X2 Statement of Operations		20X2 Statement of Net Assets		12/31/X2 Balance Sheet
	Acct. No.	Account Titles	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
		Totals	0	0	0	0
		Net loss for the year				0	0
		Totals			0	0	0	0
		Hospital net assets, December 31, 20X2					0			0
		Totals					0	0	0	0

&"Arial,Italic"&11Chapter 4: Problems

P4.2.	2) Using the provided information, the financial statements for 20X2 are:
	Dunston Hospital Statement of Operations
	December 31, 20X2
	Patient services revenue:
	Total patient service revenues:		0
	Total operating revenues			0
	Less operating expenses:
	Total operating expenses			0
	Net income for the year			$0
	Dunston Hospital Statement of Net Assets
	Year Ended December 31, 20X2
	Hospital net assets, December 31			$0
Dunston Hospital Balance Sheet
December 31, 20X2
	Assets
	Total current assets				0
	Total accumulated depreciation				$0
	Total assets				$0
	Liabilities and Net Assets
	Total current liabilities				0
	Total liabilities				0
	Total liabilities and net assets				$0
P4.2.	3) Using the provided information, the closing journal entries are:
	Accounts and Explanations	Account Number	Debit	Credit
	To close revenue accounts
	To close expense accounts
	To close excess of revenues over expenses to net assets

&"Arial,Italic"&11Chapter 4: Problems