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General Hospital is a private, not-for-profit hospital. The following information is avail

General Hospital is a private, not-for-profit hospital. The following information is available about the operations.

 

1.Gross patient services charges totaled $3,700,000.

2.Included in the above revenues are: charity services, $360,000; contractual adjustments, $1,200,000; courtesy allowances, $20,000; and estimated uncollectible amounts, $250,000.

3.Premium fees receipts were $110,000.

4.Purchased $75,000 of hospital supplies on account, with payments on that account, $36,000.

5.Received cash donations for a new hospital wing of $2,500,000.

6.Paid contractor $275,000 for billed costs toward the new hospital wing.

 

Required:

Prepare journal entries for the aforementioned transactions.

13) Childrens Hospital is a private, not-for-profit hospital. The following information is available about the operations.

 

1.Gross patient services charges totaled $6,400,000.

 

2.Included in the above revenues are: charity services, $210,000; contractual adjustments, $2,400,000; and courtesy allowances, $37,000.

 

3.Received a donation of marketable securities with a fair value of $165,000 for the purchase of new diagnostic equipment.

 

4.The marketable securities were sold for $182,000 and diagnostic equipment was purchased at a cost of $210,000.

 

5.Revenue from the hospital gift shop was $58,000 and from the cafeteria revenues were $227,000. Received cash from both enterprises.

 

6.Incurred and paid nursing service costs of $1,700,000 and general service costs of $400,000.

 

Required:

Prepare journal entries for the aforementioned transactions.

Dec 07 2019 Read more Less More

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