Question: A hospital arranges with a third- party payer to charge the third party 75 percent of its established billing rates. During January 2012, the hospital

A hospital arranges with a third- party payer to charge the third party 75 percent of its established billing rates. During January 2012, the hospital provided services amounting to $ 1 million at the established billing rates. Prepare journal entries to record the January billings.

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