1. Explain the basic accounting equation. How does the double entry accounting system work?
2. What is the accounting journal?
3. 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 supplies purchased on account