needing the solution to check my answer for exam for the following problem: The following are the financial transactions for the Family Home Health Care Center, a not$$for$$profit$,$ business$$oriented organization. Beginning balances at January $1,20$X$1,$ for its assets, liabilities, and net assets accounts, are shown in the following list.

Givens

Cash $$6,500$

Accounts receivable $$70,000$

Allowance for uncollectibles $$7,500$

Supplies $$15,000$

Long$$term investments $$50,000$

Properties and equipment $$1,000,000$

Accumulated depreciation $$100,000$

Short$$term accounts payable $$54,000$

Other current liabilities $$3,500$

Long$$term debt $$780,000$

Net assets without donor restrictions $$178,500$

Net assets with donor restrictions $$18,000$

List and record each transaction under the accrual basis of accounting. Then develop a balance sheet as of December $31,20$X$1$ and $20$X$0,$ and a statement of operations for the year ended December $31,20$X$1.$

The center purchased $$5,000$ of supplies on credit.

The center provided $$600,000$ of home health services on credit.

The center consumed $$12,000$ of supplies in the provision of its home health services.

The center provided $$225,000$ of home health services, and patients paid for services in cash.

The center paid cash for $$7,000$ of supplies in the provision of its home health services.

The center paid $$38,000$ in cash for supplies previously purchased on credit.

A donor established a $$70,000$ donor restricted endowment fund by contributing long$$term investments to the center. $($Hint: this transaction increases the donor restricted net assets account.$)$

The center collected $$450,000$ from patients for outstanding receivables.

The center paid $$275,000$ in cash toward labor expense.

The center paid $$55,000$ in a principal payment on its long$$term loan.

The center purchased $$52,000$ in small equipment on credit. The amount is due within one year.

The center incurred $$40,000$ in general expenses. The center used cash to pay for the general expenses.

The center incurred $$13,000$ in interest expense for the year, which it paid in cash to the bank.

The center made a $$12,000$ cash transfer to its parent corporation.

The center recognized labor expense of $$8,500,$ but did not pay for it yet.

The center recognized depreciation expenses of $$30,000.$

The center estimated it would not collect $$65,000$ of the patient.