Q1. What is the purpose of a Journal and a Ledger? (1M)

Q2. The following are account balances (in thousands) of International Medical Service Center. Prepare a statement of operations for the year ended December 31, 2018 (4M)

Net property and equipment	SAR 2,000
Accounts receivable	SAR2,000
Medical claims payable	SAR45,000
Patient service revenue (net of contractuals)	SAR 950,000
Supply expense	SAR 255,000
Net assets released from restriction for operations	SAR 45, 000
Depreciation expense	SAR 35,000
Transfer to parent corporation	SAR 9,500
Labor expense	SAR300,000
Provision for bad debts	SAR12,000
Unrealized gains from available for sale securities	SAR150,000
Net Assets	SAR66,300
Cash & cash equivalents	SAR110,000
Long-term debt	SAR2,700

Answer rating: 100% (QA)

Q1 The purpose of a Journal and a Ledger 1 Journal The journal is the first step in the accounting process It is used to record all financial transact... View the full answer