Record the following journal entries for Jordan Hospital, a private hospital.

1. Received contributions for new radiology equipment, $300,000.

2. Purchased investments for long-term portfolio, $100,000.

3. Purchased new radiology equipment for $250,000.

4. Patient service revenue provided to patients was $5,000,000. Of that amount, the hospital had contractual adjustments for $300,000 and $100,000 for charity services. Cash received upon time of services rendered was $100,000. $200,000 of the services rendered is expected to be uncollectible.

Answer rating: 100% (QA)

IN THE BOOKS OF JORDAN HOSPITALJOURNAL DATE DETAILS DEBIT CREDIT 1 CASH ... View the full answer