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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 ago
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