Accounting assignment within 6 hours.

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P8.2

P8.2. 1) Using the provided information, the necessary closing entries are:
Account Name and Explanation Account Number Debit Credit
1) Routine services revenue 401
Ancillary services revenue 402
Interest income 403
Rental income 404
Tuition income 405
Other operating revenues 406
Revenue & expense summary 302 0
To close revenue accounts
2) Revenue & expense summary 302
Contractual adjustments 501
Charity care adjustments 502
To close revenue deduction accounts
3) Revenue & expensesummary 302 0
Salaries & wages expense 601
Supplies expense 602
Utilities expense 603
Insurance expense 604
Repairs expense 605
Rent expense 606
Depreciation expense 607
Interest expense 608
Bad debt expense 609
Other expenses 610
To close expense accounts
4) Revenue & expense summary 302
Hospital net assets 301
To close revenue and expense summary account and add net income to net assets
P8.2. 2) The statement of operations is:
Gatorberg Hospital Statement of Operations
December 31, 20X1
Gross patient service revenues:
Routine services revenue
Ancillary services revenue
Gross patient service revenues: $ -
Less revenue deductions:
Contractual adjustments
Charity care adjustments
Total revenue deductions 0
Net patient service revenues 0
Other operatingrevenues
Rental income
Tuition income
Other operating revenues
Total other operating revenues 0
Total operating revenues 0
Less operating expenses:
Salaries & wages expense
Supplies expense
Utilities expense
Insurance expense
Repairs expense
Rent expense
Depreciation expense
Interest expense
Bad debt expense
Other expenses
Total operating expenses 0
Operating income
Add nonoperating income (Interest)
Excess of revenues over expenses $ -

&"Arial,Italic"&11Chapter 8: Problems

P8.3 (1,2)

P8.3. 1) The worksheet is as follows:
Preadjusted Trial Balance 12/31/X1 12/31/X1 Adjustments Adjusted Trial Balance 20X1 Statement of Operations 20X1 Statement of Net Assets 12/31/X1 Balance Sheet
Acct. No. Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
101 Cash
102 Temporary investments
103 Accrued interest receivable
104 Accounts receivable
105 Allowances for uncollectible accounts
106 Inventory
107 Prepaid insurance
120 Land
130 Buildings
131 Accumulated depreciation--buildings
140 Equipment
141 Accumulated depreciation--equipment
201 Accounts payable
203 Accrued interest payable
204 Accrued salaries & wages payable
205 Deferred rental income
250 Bonds payable
301 Hospital net assets
302 Revenue & expense summary
401 Routine services revenue
402 Ancillary services revenue
403 Interest income
404 Rental income
406 Other operating revenues
501 Contractual adjustments
502 Charitycare adjustments
601 Salaries & wages expense
602 Supplies expense
603 Utilities expense
604 Insurance expense
605 Repairs expense
607 Depreciation expense
608 Interest expense
609 Bad debt expense
610 Other expenses
Totals 0 0 0 0 0 0 0 0
Net income for the year: 0
Totals 0 0 0
Hospital net assets, December 31, 20X1
Totals 0 0
P8.3. 2) The financial statements are:
Grandtown Hospital Statement of Operations Grandtown Hospital Balance Sheet
December 31, 20X1 December 31, 20X1
Gross patient service revenues: Assets
Routine services revenue Cash
Ancillary services revenue Temporary investments
Gross patient service revenues: 0 Accrued interest receivable
Less deductions from revenue: Accounts receivable
Charity care adjustments Less allowances for uncollectible accounts
Contractual adjustments Inventory
Prepaid insurance
Total revenue deductions 0 Total current assets 0
Net patient service revenues 0 Land
Other operating revenues: Buildings
Rental income Less accumulated depreciation
Other operating revenues Equipment
Total other operating revenues 0 Less accumulated depreciation
Total operating revenues 0 Total assets 0
Less operating expenses:
Salaries & wages expense Liabilities and Net Assets
Supplies expense Accounts payable
Utilities expense Accrued interest payable
Insurance expense Accrued salaries & wages payable
Repairs expense Deferred rental income
Depreciation expense Total current liabilities 0
Interest expense Bonds payable
Bad debt expenses
Other expenses Total liabilities 0
Total operating expenses 0 Hospital net assets
Operating income (Loss) 0 Total liabilities and net assets 0
Add nonoperating income (Interest)
Excess of revenues over expenses 0
Grandtown Hospital Statement of Net Assets
Year Ended December 31, 20X1
Hospital net assets, January 1
Add net income for 1977 0
Hospital net assets, December 31 0

&"Arial,Italic"&11Chapter 8: Problems

P8.3 (3,4)

P8.3. 3) The necessary adjusting entries are:
Account Name and Explanation Account Number Debit Credit
1) Accrued interest receivable 103
Interest income 403
Adjustment for 2 months' interest on temporary investment in bonds
2) Contractual adjustments 501
Charity care adjustments 502
Allowances for uncollectible accounts 105
Adjustment for estimated uncollectible accounts
3) Insurance expense 604
Prepaid insurance 107
Adjustment for portion of prepaid premium that expired during 20X1
4) Depreciation expense 607
Accumulated depreciation--buildings 131
Adjustment for 20X1 depreciation of hospital building
5) Depreciation expense 607
Accumulated depreciation--equipment 141
Adjustment for 20X1 depreciation of hospital equipment
6) Interest expense 608
Accrued interest payable 203
Adjusment for 6 months' interest accrued on bonds since July 1, 20X1
7) Salaries & wages expense 601
Accrued salaries & wages payable 204
Adjustment for accrued payroll
8) Deferred rental income 205
Rental income 404
Adjustment for 7 months of rental income earned
P8.3. 4) The necessary closing entries are:
Account Name and Explanation Account Number Debit Credit
1) Routine services revenue 401
Ancillary services revenue 402
Interest income 403
Rental income 404
Other operating revenues 406
Revenue & expense summary 302
To close revenue accounts
2) Revenue & expense summary 302
Contractual adustments 501
Charity care adjustments 502
To close deduction from revenues accts
3) Revenue & expense summary 302
Salaries & wages expense 601
Supplies expense 602
Utilities expense 603
Insurance expense 604
Repairs expense 605
Depreciation expense 607
Interest expense 608
Bad debt expense 609
Other dxpenses 610
To close expense accounts
4) Hospital net assets 301
Revenue & expense summary 302
To close revenue & expense summary account & add net income to net assets

&"Arial,Italic"&11Chapter 8: Problems