Record the following journal entries for Jordan Hospital, a private hospital. 1. Received contributions for new...

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.

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Expert Solution

IN THE BOOKS OF JORDAN HOSPITAL-JOURNAL

DATE	DETAILS	DEBIT	CREDIT
1	CASH	$300000
	RADIOLOGY EQUIPMENT		$300000
2	INVESTMENT	$100000
	ACCOUNT PAYABLE/CASH		$100000
3	RADIOLOGY EQUIPMENT	$250000
	CONTRIBUTION	$50000
	CASH		$300000
4	CASH	$100000
	ACCOUNT RECEIVABLES	$4900000
	SERVICE REVENUE		$5000000
	CHARITY ($300000+$100000)	$400000
	CASH		$400000
	BAD DEBTS	$200000
	ACCOUNT RECEIVABLES		$200000

ekkarill92 answered 2 years ago

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