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St$.$ Joseph's Hospital began operations in December $2023$ with patient service revenues totaling $$1,030,000($based on customary rates$)$ for the month. Of this, $$219,000$ is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third$-$party payors, including insurance companies and government health care agencies. St$.$ Joseph's estimates that $20$ percent of these third$-$party payor charges will be deducted by contractual adjustment. The hospital's fiscal year ends on December $31.$

Required:

Prepare the journal entries for December $2023.$ Assume $15$ percent of the amounts billed to patients will be reduced through implicit price adjustments.

Prepare the journal entries for $2024$ assuming the following:

a$.$ $$107,000$ is collected from the patients during the year, and $$10,300$ of price adjustments are granted to individuals.

b$.$ Actual contractual adjustments total $$168,000.$ The remaining receivable from third$-$party payors is collected.

Note: For all requirements, if no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

A

B

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D

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Record the patient service revenues for $2023$ including the insurance deductibles and copayments; and the balance billing to third$-$party payors.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1$a$,,,],[,,,],[,,,],[,,,]]$

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