1 The hospital has a contractual agreement with a lender requiring that $500,000 in cash be set aside to meet its future debt payment 2 The hospital accrued $1,500,000 in patient service revenues Charity services of $415,000 were also provided Contractual adjustments total $535,000 3 An increase of $45,000 was recorded for bad debts 4 General services of $100,000 were donated by technicians Normally, the hospital would have purchased these specialized services 5 An endowment contribution of $1,500,000 was received 6 Investments held by the hospital increased in fair value by $32,000 7 The hospital purchased $837,000 in equipment with resources that had been contributed in prior years for such a purchase Required a Prepare journal entries to record the foregoing transactions, assuming the hospital is a not for profit facility (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) b Prepare journal entries to record the foregoing transactions, assuming the hospital is a business type government facility (If no entry is required for a transaction event, select No Journal Entry Required in the first account field )

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Posted on Oct 01, 2024

1. The hospital has a contractual agreement with a lender requiring that $500,000 in cash be set aside to meet its future debt payment. 2.

1.	The hospital has a contractual agreement with a lender requiring that $500,000 in cash be set aside to meet its future debt payment.
2.	The hospital accrued $1,500,000 in patient service revenues. Charity services of $415,000 were also provided. Contractual adjustments total $535,000.
3.	An increase of $45,000 was recorded for bad debts.
4.	General services of $100,000 were donated by technicians. Normally, the hospital would have purchased these specialized services.
5.	An endowment contribution of $1,500,000 was received.
6.	Investments held by the hospital increased in fair value by $32,000.
7.	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 not-for-profit facility. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

b.	Prepare journal entries to record the foregoing transactions, assuming the hospital is a business-type government facility. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)