st. joseph's hospital began operations in december 2013 and had patient service revenues totaling $950,000

Project Description:

st. joseph's hospital began operations in december 2013 and had patient service revenues totaling $950,000 (based on customary rates) for the month. of this $103,000 is billed to patients, representing their insurance deductibles and copayments. the balance is billed to third-party payers, including insurance companies and government healthcare agencies. st. joseph estimates that 15 percent of these third-party payer charges will be deducted by contractual adjustment. the hospital's fiscal year ends on december 31.1. prepare the journal entries for december 2013. assume that 10 percent of the amounts billed to patients will be uncollectible. 2. prepare the journal entries for 2014 assuming the following: a. $92,700 is collected from the patients and the balance is written off. b. actual contractual adjustments total $130,000. the remaining receivable from third-party payers is collected.
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