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Pendleton Hospital had assets of $29,000, Liabilities of $12,000, and net assets of $17,000 on...

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Accounting

Pendleton Hospital had assets of $29,000, Liabilities of $12,000, and net assets of $17,000 on March 1, 2016. Subsequently, the following transactions were completed:

1. They borrowed $2,500 from a local bank.

2. They repaid $1,000 of the bank loan (disregard interest).

3. They purchased and placed in inventory supplies costing $1,800.

4. They purchased a new piece of equipment for $4,600 cash.

5. They paid$800 on their accounts payable.

6. They sold $700 worth of previously purchased supplies to patients for $960 cash.

7.They charged $1,770 to patients' accounts for services rendered.

8. They collected $1,150 on patients' accounts.

Taking into account the cumulative effects of the eight transactions and the March balances, what are their Liabilities now?

$14,500

$ 15,300

$ 15,500

none of these is correct

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