Following are several unrelated transactions involving a hospital.  The hospital has a contractual agreement with a lender requiring that $400,000 in cash be set aside to meet its future debt payment. The hospital accrued $1,200,000 in patient service revenues. Charity services of $500,000 also were provided. Contractual adjustments total $600,000. An increase of $50,000 was recorded for bad debts. Recently retired nurses volunteered to assist with a spike in patient demand due to an infectious disease outbreak. The value of these services was estimated to be $200,000, and the hospital normally would have purchased these specialized services. An endowment contribution of $1,900,000 was received. Investments held by the hospital increased in fair value by $45,000. The hospital purchased $840,000 in equipment with resources that had been contributed in prior years for such a purchase.   Record the $400,000 cash receipt to be reinvested in investments to meet its future debt payment. Record the $1,200,000 revenue accrued for patient services, $500,000 for Charity services and Contractual adjustments to receivables total $600,000. Record the $50,000 increase in bad debts. Record the $200,000 general services donated by technicians, which otherwise have to be purchased. Record the $1,900,000 endowment contribution received. Record the $45,000 increase in the fair value of investments held by the hospital.   Record the purchase of equipment with resources for $840,000.

Prepare journal entries to record the following transactions of a nonprofit hospital, with expense transactionscategorized by function:1. The hospital billed its uninsured patients for $300,000. Based on historical experience, it expects tocollect 45 percent of that amount over time.2. Nurses and doctors employed by the hospital were paid their salaries, $120,000.3. The chief administrative officer was paid her salary of $12,000.4. The hospital paid its utility bill, $6,000.5. Depreciation on the equipment was $40,800.6. Several adults donated their time (worth $6,000) selling merchandise in the hospital gift shop.7. The hospital billed Medicare $120,000 for services provided at its established rates. The prospectivebilling arrangement gives Medicare a 40 percent discount from these rates.8. A contribution without donor restrictions of $4,800 was received. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.

Hh1. Following are several unrelated transactions involving a hospital. The hospital has a contractual agreement with a lender requiring that $500,000 in cash be set aside to meet its future debt payment. The hospital accrued $1,500,000 in patient service revenues. Charity services of $415,000 also were provided. Contractual adjustments total $535,000. An increase of $45,000 was recorded for bad debts. Recently retired nurses volunteered to assist with a spike in patient demand due to an infectious disease outbreak. The value of these services was estimated to be $50,000, and the hospital normally would have purchased these specialized services. An endowment contribution of $1,500,000 was received. Investments held by the hospital increased in fair value by $32,000. The hospital purchased $837,000 in equipment with resources that had been contributed in prior years for such a purchase. Required Prepare journal entries to record the foregoing transactions, assuming the hospital is a…

During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year). Services provided to inpatients and outpatients amounted to $9,600,000, of which $450,000 was for charity care; $928,000 was paid by uninsured patients; and $8,222,000 was billed to Medicare, Medicaid, and insurance companies. Donated pharmaceuticals and medical supplies valued at $265,000 were received and utilized as general expenses. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,365,000 of the $8,222,000 billed by the hospital during the year (see transaction 1). An unconditional contributionPage 687 of $5,000,000 was received in cash from a donor to construct a new facility for care of Alzheimer’s patients. The full amount is expendable for that purpose. No activity occurred on this project during the current year. A total of $965,000 was received from…