Question
In: Accounting
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.
Solutions
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 agoRelated Solutions
Record journal entries for bothof the following transactions. (a) On December 1, $18,000 was received for...
Record journal entries for bothof the following
transactions.
(a) On December 1, $18,000 was received for a service contract
to be performed from December 1 through April 30.
(b) Assume the work is performed evenly throughout the contract
period, prepare the adjusting journal entry on December 31
Date
Account Titles
Debits
Credits
The requirements of the following question are to record the adjusting journal entries for #1-10, the...
The requirements of the following question are to record the
adjusting journal entries for #1-10, the trial balance is included
to record these adjustments.
The trial balance of Veggies-R-Us., at December 31, 20XX, and
the data needed for the year-end adjustments follow. (Round all
results to the nearest whole dollar amount.)
The dollar value of supplies on hand at year end = $5,250; this
was determined after taking a physical inventory.
Prepaid rent still in force at December 31, $900....
Record the journal entries for the company.
Question:(Cash Flow Hedge) Hart Golf Co. uses titanium to produce specialty drivers. Hart anticipates that
it will need to purchase 200 ounces of titanium in November 2017 for clubs sold in advance of the spring and
summer of 2018. However, if the price of titanium increases, this will increase the cost to produce the clubs, resulting in
lower profit margins.
To hedge the risk of increased titanium prices, on May 1, 2017, Hart entered into a titanium futures contract...
1.Record the adjusting entries in the general journal (transactions 1-3). 2.Record the closing entries in the...
1.Record the adjusting entries in the general journal
(transactions 1-3).
2.Record the closing entries in the general journal
(transactions 4-7).
3.Post the adjusting entries and the closing entries to the
general ledger accounts. Hint: Be sure to enter beginning
balances.
4.Prepare a post-closing trial balance.
Complete the worksheet.
At Home Pet Grooming Service
Worksheet
Month Ended December 31, 2019
Trial
Balance
Adjustments
Adjusted
Trail Balance
Income
Statement
Balance
Sheet
Account Name
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit...
Problem 1 Record the journal entries for the following transactions that occurred during the month of...
Problem 1
Record the journal entries for the following transactions that
occurred during the month of December for Magic Merchandisers, I.
nc using a perpetual inventory system.
Dec. 1st: Purchased merchandise on account from
Starlight Inc., list price $24,000, terms FOB destination 2/10,
n/30.
Dec. 3rd: Purchased merchandise on account from
Oriental Industries $18,500 terms 1/10, n/30, FOB shipping point.
$1,800 in freight cost was added to the invoice.
Dec. 5th: Returned $4,000 of merchandise to Starlight
Inc.
Dec. 11th:...
Record the following transactions on the books of St. Hope’s Hospital, a private not-for-profit hospital. (a)...
Record the following transactions on the books of St. Hope’s
Hospital, a private not-for-profit hospital.
(a) The Hospital billed patients $300,000 for services rendered. Of
this amount, 3% expected to be uncollectible. Contractual
adjustments with insurance companies are expected to total
$42,000.
(b) The Hospital received $240,000 in pledges of support in a campaign
undertaken to purchase new MMR equipment. All of the pledges are
payable within one year and 8% are expected to be
uncollectible.
(c) Charity care in...
Prepare journal entries in general journal format to record the following transactions for the City of...
Prepare journal entries in general journal format to record the
following transactions for the City of Dallas General Fund
(subsidiary detail may be omitted)
1. The budget prepared for the fiscal year included total
estimated revenues of $4,693,000, appropriations of $4,686,000 and
estimated other financing uses of $225,000.
2. Purchase orders in the amount of $451,000 were mailed to
vendors.
3. The current year’s tax levy of $4,005,000 was recorded;
uncollectible taxes were estimated to be 2% of the tax...
#1. Prepare journal entries to record the December transactions in the General Journal Tab in the...
#1. Prepare journal entries to record the December transactions
in the General Journal Tab in the excel template file "Accounting
Cycle Excel Template.xlsx". Use the following accounts as
appropriate: Cash, Accounts Receivable, Supplies, Prepaid
Insurance, Equipment, Accumulated Depreciation, Accounts Payable,
Wages Payable, Common Stock, Retained Earnings, Dividends, Service
Revenue, Depreciation Expense, Wages Expense, Supplies Expense,
Rent Expense, and Insurance Expense. 1-Dec Began business by
depositing $10500 in a bank account in the name of the company in
exchange for 1050...
#1. Prepare journal entries to record the December transactions in the General Journal Tab in the...
#1. Prepare journal entries to record the December transactions
in the General Journal Tab in the excel template file "Accounting
Cycle Excel Template.xlsx". Use the following accounts as
appropriate: Cash, Accounts Receivable, Supplies, Prepaid
Insurance, Equipment, Accumulated Depreciation, Accounts Payable,
Wages Payable, Common Stock, Retained Earnings, Dividends, Service
Revenue, Depreciation Expense, Wages Expense, Supplies Expense,
Rent Expense, and Insurance Expense. 1-Dec Began business by
depositing $6500 in a bank account in the name of the company in
exchange for 650...
PART B – Journal Entries: Prepare journal entries for the month of March to record the...
PART B – Journal Entries: Prepare journal entries for the month
of March to record the below transactions (make sure to use proper
journal entry formatting and include a brief description of each
entry). Raw materials purchases (on credit). Assume the firm
purchased $282,000 worth of raw materials in March. Direct
materials used in production: Mixing Department: $250,000;
Packaging Department: $16,500. Direct labor used in production
(assume not paid in Cash, use the Factory Wages Payable account for
the credit):...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- In the article from Forbes notes that the goal of a leader is not to clone...
- Many people keep time using a 24 hour clock (11 is 11am and 23 is 11pm,...
- UNIX ONLY -- DIFFICULT LAB ASSIGNMENT This is an extremely difficult subject for me. Could you...
- Do you know why your credit card can be refused even though you are profitable?
- The Following Java expression: S/10 * 10 + 10 – S = C Show that this...
- Year Cash Flow 0 −$9,700 1 5,800 2 2,500 3 3,400 &nb
- In a two – story building, an exterior column is to be designed for a service...
ADVERTISEMENT