Prepare general ledger entries to record the following transactions.
1. Patient service charges totaled $8,000,000; 1% is expected to be uncollectible and 0.5% is expected to be charity services; $880,000 of contractual adjustments are expected to be made.
2. Received premium fees for the month, $100,000. Only half of the covered patients actually received any treatments during the month.
3. Received contributions for a restricted program, $2,000,000.
4. Incurred expenses for the restricted program, $1,200,500.
5. Received contributions restricted for purchase of MRI equipment, $600,000.
6. Purchased MRI equipment, $480,000.
7. Received contribution in the form of a term endowment, $300,000.

  • CreatedOctober 25, 2014
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