Prepare Journal entries to record the following transactions.

1. Patient service charges totaled $14,000,000; 2% is expected to be uncollectible and; $1,540,000 of contractual adjustments are expected to be made.

2. Received premium fees for the month, $175,000. Only half of the covered patients actually received any treatments during the month.

3. Received contributions for a restricted program, $3,500,000

4. Incurred expenses for the restricted program, $2,100,875.

5. Received contributions restricted for purchase of MRI equipment, $1,050,000.

6. Purchased MRI equipment, $840,000.

7. Received contribution in the form of a term endowment, $525,000.

Answer rating: 100% (QA)

JOURNAL ENTRIES Date Date Date Account Bad Debts Contractual judgements ... View the full answer