Record the following journal entries for Jordan Hospital, a private hospital. 1. Received contributions for...
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Accounting
Record the following journal entries for Jordan Hospital, a private hospital.
1. Received contributions for new radiology equipment, $300,000.
2. Purchased investments for long-term portfolio, $100,000.
3. Purchased new radiology equipment for $250,000.
4. Patient service revenue provided to patients was $5,000,000. Of that amount, the hospital had contractual adjustments for $300,000 and $100,000 for charity services. Cash received upon time of services rendered was $100,000. $200,000 of the services rendered is expected to be uncollectible.
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