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County General Hospital is a not-for-profit entity. The hospital billed $900,000 to Delta Medical Group,...

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Accounting

County General Hospital is a not-for-profit entity. The hospital billed $900,000 to Delta Medical Group, a health insurance company (third-party payer) that provides indemnity-type health insurance coverage. Delta pays for services rendered to its policyholders using a rate schedule based on the types of procedures rendered. For the services rendered during the current month, Delta will reimburse the Hospital $760,000. What journal entry(ies) should the hospital prepare to record the billing?

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