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Finance

Answer all the items. To submit your exam you can either uploadthe file or upload images of the pages with the handwritten answers(take photos or scan them).
1. T / F In double entry accounting, recorded financialevents/transactions are self-balancing with debits equalingcredits.
2. Fill out the basic accounting equation:
_______ = _ +
3. Make the accounting entries for payment of medical suppliesof $250.
ACCT Debit Credit
_ _
__ _ _
4. Make the accounting entries for receipt of payment for anoutpatient visit. Fee is $75.
ACCT Debit Credit
__ _ _
__ _ _
__ _ _______

Answer & Explanation Solved by verified expert

3.7 Ratings (455 Votes)

1: True

In double entry system of accounting, debit equal credits and hence the financial transactions are self-balancing. The trial balance must tally.

2: Assets = Liabilities+ equity

The basic accounting equation is that all assets are financed by either liabilities or by equity.

3: ACCT Debit Credit

Medical supplies 250

Cash/bank 250

(Being medical supplies purchased for cash)

4: ACCT Debit Credit

Cash/ Bank 75

Outpatient fee 75

(Being Outpatient fee received as revenue)

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Transcribed Image Text

Answer all the items. To submit your exam you can either uploadthe file or upload images of the pages with the handwritten answers(take photos or scan them).1. T / F In double entry accounting, recorded financialevents/transactions are self-balancing with debits equalingcredits.2. Fill out the basic accounting equation:___________________ = _________________________ +____________________3. Make the accounting entries for payment of medical suppliesof $250.ACCT Debit Credit______________ ___________ _________________________ ___________ ___________4. Make the accounting entries for receipt of payment for anoutpatient visit. Fee is $75.ACCT Debit Credit______________ ___________ _________________________ ___________ _________________________ ___________ ___________