List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. You are creating a General Ledger using exhibit 3-6 on page 112 as a guide. Zelman( Workbook)
a. The clinic received a $10,000,000 unrestricted cash contribution from the community.
b. The clinic purchased $4,500,000 of equipment using cash.
c. The clinic borrowed $2,000,000 from the bank on a long-term basis.
d. The clinic purchased $550,000 of supplies on credit.
e. The clinic provided $8,400,000 of services on credit.
f. In the provision of these services, the clinic used $420,000 of supplies.
g. The clinic received $800,000 in advance to care for capitated patients.
h. The clinic incurred $4,500,000 in labor expenses and paid cash for them.
i. The clinic incurred $2,230,000 in general expenses and paid cash for them.
j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts.
k. The clinic met $440,000 of its obligation to capitated patients (transaction g).
l. The clinic made a $400,000 cash payment on the long-term basis.
m. The clinic also made a cash interest payment of $40,000.
n. A donor made a temporarily restricted donation of $370,000, which is set aside in temporary investments.
o. The clinic recognized $400,000 in depreciation for the year.
p. The clinic estimated that $850,000 of patient accounts would not be received, and established a provision for bad debt.