Record the following journal entries. The entries are related. Transactions F,G, H are related to each other F. An uninsured patient cannot pay for major surgery. The clinic offers the patient financing where they are able to pay $27,765.00 in 36 months. The cash price of the surgery is $22,500.00 Assume the interest rate is 7.8% Record the entry as of the surgery date Account Account Dr G. At the end of the first year the Surgery Center recognizes interest associated with the above transaction Account Dr Cr H. The loan has matured and the patient has paid the loan in full Dr Cr Cr
Record the following journal entries. The entries are related. Transactions F,G, H are related to each other F. An uninsured patient cannot pay for major surgery. The clinic offers the patient financing where they are able to pay $27,765.00 in 36 months. The cash price of the surgery is $22,500.00 Assume the interest rate is 7.8% Record the entry as of the surgery date Account Account Dr G. At the end of the first year the Surgery Center recognizes interest associated with the above transaction Account Dr Cr H. The loan has matured and the patient has paid the loan in full Dr Cr Cr
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Am. 401.
Transcribed Image Text:Record the following journal entries. The entries are related.
Transactions F,G, H are related to each other
F. An uninsured patient cannot pay for major surgery. The clinic offers the patient financing where
they are able to pay $27,765.00 in 36 months. The cash price of the surgery is $22,500.00
Assume the interest rate is 7.8%
Record the entry as of the surgery date
Account
Account
Dr
G. At the end of the first year the Surgery Center recognizes interest associated with the above transaction
Account
Dr
Cr
H. The loan has matured and the patient has paid the loan in full
Dr
Cr
Cr
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