Problem 6 (Note: Record all transactions following the example in Figure 2.1 in Nowicki, p. 37.) At September 30, County General Hospital had the following end balances: Assets Liabilities Net Assets $1,400,000 $500,000 $900,000 The following transactions were completed during October: 1. Charged patients for services 2. Collected on patients' accounts 3. Used supplies in patient care activities $455,000 $300,000 $93,600 $38,800 $68,000 6. Paid employee salaries and wages for last month $261,000 4. Paid cash on accounts payable 5. Paid other expenses in cash 7. Purchased supplies on account $67,400 Grade: out of (max): Grading 2 Assets + Expenses = Opening Balances, 9/30 $ 1,400,000 + $ Transaction 1 + 455,000 Resulting Balances 1,855,000 + Transaction 2, a 300,000 Transaction 2, b Resulting Balances Transaction 3 Resulting Balances Transaction 4 Resulting Balances Transaction 5 Resulting Balances Transaction 6 Resulting Balances Transaction 7 Resulting Balances Closing Entry (profit) Closing Balances (10/31) $ Liabilities + Net Assets + Revenues 500,000 + $ 900,000 + $ + 455,000 + 300,000 + +