The following transactions were incurred by the Numb Hospital, a not-forprofit entity, during January 2004: 1. The
Question:
The following transactions were incurred by the Numb Hospital, a not-forprofit entity, during January 2004:
1. The hospital billed its patients for $\$ 250,000$.
2. Nurses and doctors employed by the hospital were paid their salaries, $\$ 100,000$.
3. The chief administrative officer was paid her salary of $\$ 10,000$.
4. The hospital paid its utility bill, $\$ 5,000$.
5. Depreciation on the equipment was $\$ 34,000$.
6. Doctors donated services valued at $\$ 3,000$.
7. The board transferred $\$ 1,000$ into a Special Management Fund for contingencies.
8. An unrestricted donation of $\$ 4,000$ was received.
Required: Record these entries in the General Fund of the Numb Hospital.
Step by Step Answer:
Introduction To Government And Not For Profit Accounting
ISBN: 9780130464149
5th Edition
Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch