Reference no: EM132461126
Question 1. What is the golden rule of accounting.
Question 2. Create a journal entry and a T-account entry for each of the following transactions:
a. $30,000 worth of supplies purchased with cash
b. $10,000 worth of supplies used to provide clients with goods and services
c. Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000
d. Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients
e. Cash payments of $60,000 received for services previously provided and billed
f. $5,000 worth of additional of supplies purchased on account of supplies purchased on account
Supplies
2-09-20 2-13-20
$30,000 $5,000
2-13-20
$10,000
Ending balance $25,000