29. (14 points) Prepare in general journal form the entries required for each of the following...
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29. (14 points) Prepare in general journal form the entries required for each of the following selected transactions of Medical Hospital Foundation, a not-for-profit hospital for the current year. a) Gross charges for patient services rendered during the period amounted to $7,600,000, which includes $550,000 of charity care for indigent patients. b) During the year the provision for bad debts was increased by $170,000 and contractual adjustments amounted to $235,000. c) A wealthy donor donated $4,000,000 to construct a new cardiology wing on the hospital. d) For the month just ended, the hospital received in cash $6,000 from the hospital's gift shop sales and received donated medicines with a fair value of $23,000. These medicines are of the type that the hospital would normally purchase. 29. (14 points) Prepare in general journal form the entries required for each of the following selected transactions of Medical Hospital Foundation, a not-for-profit hospital for the current year. a) Gross charges for patient services rendered during the period amounted to $7,600,000, which includes $550,000 of charity care for indigent patients. b) During the year the provision for bad debts was increased by $170,000 and contractual adjustments amounted to $235,000. c) A wealthy donor donated $4,000,000 to construct a new cardiology wing on the hospital. d) For the month just ended, the hospital received in cash $6,000 from the hospital's gift shop sales and received donated medicines with a fair value of $23,000. These medicines are of the type that the hospital would normally purchase.
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Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
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