Please help with the entire question answered in excel format. Each part answere
ID: 2411420 • Letter: P
Question
Please help with the entire question answered in excel format. Each part answered separately (5 parts)
P3.3 Cocktail Hospital's trial balance at January 1, 20x1, includes the following accounts: Cash Accounts receivable $10.500 24,800 5.700 19.000 73.000 27,000 Buildings 6,600 Accounts payable Short-term notes and loans payable-banks Bonds payable Hospital net assets 60,000 160.000160.000 The hospital completed the following transactions during the month ended January 31 1. Purchases of supplies on account were S4,900. 2. Supplies that had cost $5,200 were issued from inventory for , 20X1 use in hospital activities 3. Services billed to patients were as follows: $ 40,800 31,600 72.400 Routine services Ancillary services 4. Cash collections on patients' accounts were S59,100 5. Payments on accounts payable totaled $5,070 6. Other revenues received in cash amounted to $7,300. 7. Operating expenses included these payments: Salaries and wages 53.200 1.900 1,200 1,100 Other expenses Total $ 58,000 8. Payment of interest on bonds and bank loan totaled $870 Reguired: Using the chart of accounts provided in Figure 3.1, (1) enter the January 1, 20X1, balances in ledger accounts, (2) jour- nalize the January 20XI transactions, (3) post the transaction entries to the ledger accounts, (4) prepare a trial balance at January 31, 20x1, (5) prepare a statement of operations for January 20X1 and (6) prepare a balance sheet at January 31, 20x1Explanation / Answer
JOURNAL ENTRY Ref Account Title Debit Credit 1 Inventory $4,900 Accounts payable $4,900 2 Supplies expenses $5,200 Inventory $5,200 3 Accounts receivable $72,400 Revenue $72,400 4 Cash $59,100 Accounts receivable $59,100 5 Accounts payable $5,070 Cash $5,070 6 Cash $7,300 Revenue $7,300 7 Salaries and wages $53,200 Utilities $1,900 Insurance $1,200 Repairs $1,100 Other expenses $600 Cash $58,000 8 Interest expenses $870 Cash $870 LEDGER ACCOUNTS Ref CASH Account Debit Credit Beginning balance $10,500 4 Accounts receivable $59,100 5 Accounts payable $5,070 6 Revenue $7,300 7 Salaries and wages $53,200 7 Utilities $1,900 7 Insurance $1,200 7 Repairs $1,100 7 Other expenses $600 8 Interest expenses $870 Rnding balance $12,960 Ref ACCOUNTS RECEIVABLE Account Debit Credit Beginning balance $24,800 3 Revenue $72,400 4 Cash $59,100 Ending Balance $38,100 Ref INVENTORY Account Debit Credit Beginning balance $5,700 1 Accounts payable $4,900 2 Supplies expenses $5,200 Ending Balance $5,400 Ref LAND Account Debit Credit Beginning balance $19,000 Ending balance $19,000 Ref BUIDINGS Account Debit Credit Beginning balance $73,000 Ending balance $73,000 Ref EQUIPMENT Account Debit Credit Beginning balance $27,000 Ending balance $27,000 Ref ACCOUNTS PAYABLE Account Debit Credit Beginning balance $6,600 1 Inventory $4,900 5 Cash $5,070 Ending Balance $6,430 Ref SHORT TERM NOTES AND LOANS PAYABLE-BANKS Account Debit Credit Beginning balance $15,000 Ending Balance $15,000 Ref BONDS PAYABLE Account Debit Credit Beginning balance $60,000 Ending Balance $60,000 Ref HOSPITAL NET ASSET Account Debit Credit Beginning balance $78,400 Ref REVENUE Account Debit Credit 3 Accounts receivable $72,400 6 Cash $7,300 Ending Balance $79,700 Ref SUPPLIES EXPENSES Account Debit Credit 2 Inventory $5,200 Ending Balamce $5,200 Ref SALARIES AND WAGES Account Debit Credit 7 Cash $53,200 Ending Balance $53,200 Ref UTILITIES Account Debit Credit 7 Cash $1,900 Ending Balance $1,900 Ref INSURANCE Account Debit Credit 7 Cash $1,200 Ending Balance $1,200 Ref REPAIRS Account Debit Credit 7 Cash $1,100 Ending Balance $1,100 Ref OTHER EXPENSES Account Debit Credit 7 Cash $600 Ending Balance $600 Ref INTEREST EXPENSES Account Debit Credit 8 Cash $870 Ending Balance $870 TRIAL BALANCE AS ON JAN 31, 20X1 Debit Credit Cash $12,960 Accounts receivable $38,100 Inventory $5,400 Land $19,000 Buildings $73,000 Equipment $27,000 Accounts Payable $6,430 Short term notes and loan payable-Banks $15,000 Bonds Payable $60,000 Hospital net Assets $78,400 Revenue $79,700 Supplies Expenses $5,200 Salaries and wages $53,200 Utilities $1,900 Insurance $1,200 Repairs $1,100 Other expenses $600 Interest expenses $870 Total $239,530 $239,530 STATEMENT OF OPERATIONS Revenue $79,700 Supplies Expenses $5,200 Salaries and wages $53,200 Utilities $1,900 Insurance $1,200 Repairs $1,100 Other expenses $600 Interest expenses $870 Total expenses $64,070 Operating Income $15,630 Hospital Net Asset (Closing0 $94,030 (78400+15630) BALANCE SHEET AS ON JAN 31, 20X1 ASSETS: Cash $12,960 Accounts receivable $38,100 Inventory $5,400 Land $19,000 Buildings $73,000 Equipment $27,000 Total Assets $175,460 LIABILITIES Accounts Payable $6,430 Short term notes and loan payable-Banks $15,000 Bonds Payable $60,000 Total Liabilities $81,430 Hospital net Assets $94,030 Totaln Liabilities and net assets $175,460