St. Mary's Ambulatory Surgery Center (SM-ASC) reported the following end of year account balances as of December 31, 2019:...

 

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St. Mary's Ambulatory Surgery Center (SM-ASC) reported the following end of year account balances as of December 31, 2019: Assets Cash Accounts receivables Inventory/supplies Plant, property and equipment Accumulated depreciation Liabilities Accounts payable Accrued expenses Long-term debt Net Assets/Equity Unrestricted assets Other assets a. b. C. d. For each of the following 2020 financial transactions, describe the dual entry accounting changes that would result: e. f. g. $33,000 $60,000 $8,200 $3,800,000 $1,750,000 h. $79,000 $15,000 $1,055,000 $903,300 $100,700 SM-ASC made a cash payment of $65,000 to settle current accounts payable SM-ASC provided $3,100,000 of surgical services on credit SM-ASC consumed $4,000 of supplies in the provision of surgical services SM-ASC paid off accrued interest expense of $17,500 using cash SM-ASC collected $2,650,000 in cash from existing accounts receivables SM-ASC incurred $2,560,000 in labor expenses but has not yet paid for in cash SM-ASC made a $200,000 cash payment to reduce its outstanding long term debt obligations SM-ASC purchased $4,000 of medical supplies on credit SM-ASC incurred $200,000 in depreciation expense

Answer rating: 100% (QA)

a SM ASC made a cash payment of 65 000 to settle current accounts payable Decrease in Cash by 65 000 View the full answer