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5. A medical services organization receives $500,000 from a 3rd party payer for services previously provided on credit. How is this transaction accounted for? (Hint

5. A medical services organization receives $500,000 from a 3rd party payer for services previously provided on credit. How is this transaction accounted for? (Hint you will need to identify the two (2) balancing entries that properly account for the financial impact of this transaction). 6. A hospital pays $1,500,000 to reduce the amount it owes on a total of $20,000,000 in long term debt. How is this transaction accounted for? (Hint you will need to identify the two (2) balancing entries that properly account for the financial impact of this transaction)

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