Prepare in general journal form the entries required for each of the following selected transactions...
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Accounting
Prepare in general journal form the entries required for each of the following selected transactions of Medical Hospital Foundation, a not-for-profit hospital for the current year.
Note: Do not use commas, decimal points or dollar signs in monetary answers. For negative numbers, use a minus sign "-"
a. Gross charges for patient services rendered during the period amounted to $7,600,000, which includes $550,000 of charity care for indigent patients.
b. During the year the provision for bad debts was increased by $170,000 and contractual adjustments amounted to $235,000.
c. A wealthy donor donated $4,000,000 to construct a new cardiology wing on the hospital.
d. For the month just ended, the hospital received in cash $6,000 from the hospital's gift shop sales and
received donated medicines with a fair value of $23,000. These medicines are of the type that the hospital would normally purchase.
e. New equipment costing $650,000 was purchased from money given to the hospital in a prior year that was to be held until needed for equipment purchases.
f. Show the calculation and amount of net patient revenue for Mercy Hospital Foundation for the year:
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