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What is the golden rule of accounting

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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

Reference no: EM132461126

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