{"id":20332,"date":"2020-12-09T10:07:42","date_gmt":"2020-12-09T10:07:42","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=20332"},"modified":"2020-12-09T10:07:42","modified_gmt":"2020-12-09T10:07:42","slug":"assume-that-queensway-carleton-hospitals-accounting-records-included-the-following-journal-entries","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/12\/09\/assume-that-queensway-carleton-hospitals-accounting-records-included-the-following-journal-entries\/","title":{"rendered":"ASSUME THAT QUEENSWAY CARLETON HOSPITAL\u2019S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES:"},"content":{"rendered":"<style type=\"text\/css\"><\/style><h4>ASSUME THAT QUEENSWAY CARLETON HOSPITAL\u2019S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES:<\/h4>\n<p>This assignment has a total of 100 marks and contributes 20% to your final grade. State any assumptions that you have made and remember to show all of your work as partial marks may be awarded.<\/p>\n<p>Question 1 (20 marks)<\/p>\n<p>Assume that Queensway Carleton Hospital\u2019s accounting records included the following journal entries:<\/p>\n<p>a) DR Receivable from governments 5,000,000<br \/>\nCR Funding from governments 5,000,000<\/p>\n<p>b) DR Inventories 100,000<br \/>\nCR Accounts payable and accrued liabilities 100,000<\/p>\n<p>c) DR Salaries and benefits 125,000<br \/>\nCR Cash 125,000<\/p>\n<p>d) DR Amortization of major equipment 6,237,000<br \/>\nCR Accumulated amortization 6,237,000<\/p>\n<p>e) DR Accounts receivable 2,800<br \/>\nCR Preferred accommodations revenue 2,800<\/p>\n<p>f) DR Long-term debt 250,000<br \/>\nCR Cash 250,000<\/p>\n<p>g) DR Cash 2,500,000<br \/>\nCR Receivable from governments 2,500,000<\/p>\n<p>h) DR Medical and surgical supplies expense 160,000<br \/>\nCR Inventories 160,000<\/p>\n<p>i) DR Accounts payable and accrued liabilities 80,000<br \/>\nCR Cash 80,000<\/p>\n<p>j) DR Prepaid expenses 10,000<br \/>\nCR Cash 10,000<\/p>\n<p>Required:<\/p>\n<p>Explain the transaction represented by each of the above journal entries. Do not just say that the account was increased or decreased\u2014explain the nature of the transaction.<br \/>\n(2 marks each)<\/p>\n<p>Question 2 (55 marks)<\/p>\n<p>For this question, use the 2015 financial statements of Queensway Carleton Hospital found at.qch.on.ca\/NewsroomFiles\/Audited%20Satements%203-31-15.pdf\u201d&gt;http:\/\/www.qch.on.ca\/NewsroomFiles\/Audited%20Satements%203-31-15.pdf<\/p>\n<p>a) Calculate the following ratios for 2015 and 2014 for Queensway:<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>ASSUME THAT QUEENSWAY CARLETON HOSPITAL\u2019S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES: This assignment has a total of 100 marks and contributes 20% to your final grade. State any assumptions that you have made and remember to show all of your work as partial marks may be awarded. Question 1 (20 marks) Assume that Queensway&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-20332","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ASSUME THAT QUEENSWAY CARLETON HOSPITAL\u2019S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES: - onlineclassesguru<\/title>\n<meta name=\"description\" content=\"ASSUME THAT QUEENSWAY CARLETON HOSPITAL\u2019S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES:\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/12\/09\/assume-that-queensway-carleton-hospitals-accounting-records-included-the-following-journal-entries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASSUME THAT QUEENSWAY CARLETON HOSPITAL\u2019S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES: - 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