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Danville Hospital started with the following balances: $400,000 in Equity $200,000 in Liabilities $600,000 in Assets 1. Paid $120,000 on a loan. $20,000 of this is interest. 2. Billed patients $325,000 for services rendered 3. Previously bought an insurance policy for $8,000 for 2 years of coverage - need to account for one year's use. 4. Used $80,000 in supplies on patient care 5. Ordered a truck to be delivered next month for $80,000 6. Collected $250,000 on patient accounts 7. Paid wages of $225,000

Danville Hospital started with the following balances: $400,000 in Equity $200,000 in Liabilities $600,000 in Assets 1. Paid $120,000 on a loan. $20,000 of this is interest. 2. Billed patients $325,000 for services rendered 3. Previously bought an insurance policy for $8,000 for 2 years of coverage - need to account for one year's use. 4. Used $80,000 in supplies on patient care 5. Ordered a truck to be delivered next month for $80,000 6. Collected $250,000 on patient accounts 7. Paid wages of $225,000 The organization made a profit or loss ove this period? The new Equity total and the beginning balance for the next period would be: Assets increased or decreased over this time period. Yes or No:-There is a journal entry for #5 The new Asset total and the beginning balance for the next period is: For \#2 Routine services revenue would be journal entry - Debit or Credit [Choose] False $396,000 Yes Credit $120,000 $470,000 Debit $100,000 Loss $525,000 $496,000 No Decreased Increased True Profit For \#6 Cash would be a journal entry Yes or No: All expense transactions are a debit journal entry Liabilities were reduced by how much $ during this period T/F: For H4 account 106 Inventory/Supply was a debit journal entry The organization made a profit or loss over this period? The new Equity total and the beginning balance for the next period would be: Assets increased or decreased over this time period. Yes or No:There is a journal entry for \#5 The new Asset total and the beginning balance for the next period is: For \#2 Routine services revenue would be a journal entry - Debit or Credit For \#6 Cash would be a journal entry Yes or No: All expense transactions are a debit journal entry Liabilities were reduced by how much $ during this period

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