Record the following transactions on the books of St. Hopes Hospital, a private not-for-profit hospital....
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Accounting
Record the following transactions on the books of St. Hopes Hospital, a private not-for-profit hospital. (a) The Hospital billed patients $300,000 for services rendered. Of this amount, 3% expected to be uncollectible. Contractual adjustments with insurance companies are expected to total $42,000. (b) The Hospital received $240,000 in pledges of support in a campaign undertaken to purchase new MMR equipment. All of the pledges are payable within one year and 8% are expected to be uncollectible. (c) Charity care in the amount of $34,000 (at standard charges) was performed on an indigent patient. (d) The Hospital collected $237,600 for the services performed in (1) above. Actual contractual adjustments for these services amounted to $45,700. The remaining receivables were written off as uncollectible.
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