A private hospital purchased medicines from a pharmaceutial conpany at a cost of $5000.The pharmaceutial...
80.2K
Verified Solution
Link Copied!
Question
Accounting
A private hospital purchased medicines from a pharmaceutial conpany at a cost of $5000.The pharmaceutial conpany subsequently tells the hospital it is cancelling the invoice and donating the medicines to the hospital.How should the hospital record this donation of medicines?
A.A credit to operating expenses of 5000
B.A credit to other revenue or gains of 5000
C.A memorandum entry only
D.A credit to nonoperating gains and losses of 5000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
