ACCT596:

Following are several unrelated transactions involving a hospital.

1. The hospital has a contractual agreement with a lender requiring that $520,000 in cash be set aside to meet its future debt payment.
2. The hospital accrued $1,520,000 in patient service revenues. Charity services of $425,000 were also provided. Contractual adjustments total $545,000.
3. An increase of $47,000 was recorded for bad debts.
4. General services of $120,000 were donated by technicians. Normally, the hospital would have purchased these specialized services.
5. An endowment contribution of $1,520,000 was received.
6. Investments held by the hospital increased in fair value by $34,000.
7. The hospital purchased $839,000 in equipment with resources that had been contributed in prior years for such a purchase.

Required

1. 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.)

Journal entry worksheet The hospital has a contractual agreement with a lender requiring that $520,000 in cash be set aside to meet its future debt payment. Note: Enter debits before credits. Journal entry worksheet The hospital accrued $1,520,000 in patient service revenues. Charity services of $425,000 were also provided. Contractual adjustments total $545,000. Note: Enter debits before credits. Journal entry worksheet An increase of $47,000 was recorded for bad debts. Note: Enter debits before credits. Journal entry worksheet General services of $120,000 were donated by technicians. Normally, the hospital would have purchased these specialized services. Note: Enter debits before credits. Journal entry worksheet An endowment contribution of $1,520,000 was received. Note: Enter debits before credits. Journal entry worksheet Investments held by the hospital increased in fair value by $34,000. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the transfer of net assets released from restrictions. Note: Enter debits before credits. 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.) Journal entry worksheet The hospital has a contractual agreement with a lender requiring that $520,000 in cash be set aside to meet its future debt payment. Note: Enter debits before credits. Journal entry worksheet The hospital accrued $1,520,000 in patient service revenues. Charity services of $425,000 were also provided. Contractual adjustments total $545,000. Note: Enter debits before credits. Journal entry worksheet General services of $120,000 were donated by technicians. Normally, the hospital would have purchased these specialized services. Note: Enter debits before credits. Journal entry worksheet An endowment contribution of $1,520,000 was received. Note: Enter debits before credits. Journal entry worksheet Investments held by the hospital increased in fair value by $34,000. Note: Enter debits before credits. Journal entry worksheet The hospital purchased $839,000 in equipment with resources that had been contributed in prior years for such a purchase. Note: Enter debits before credits