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ACCT596: I have completed the Journal Entry worksheet for A, B, & Part of C (I am having difficulty understanding how to compute the contractual
ACCT596: I have completed the Journal Entry worksheet for A, B, & Part of C (I am having difficulty understanding how to compute the contractual agreements in section C, Need answers for D, E, F, & G).
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related ransactions (amounts summarized for the year). Services provided to inpatients and outpatients amounted to $9,828,000, of which $469,000 was for charity care; $947,000 was paid by uninsured patients; and $8,412,000 was billed to Medicare, Medicaid, and insurance companies. Donated pharmaceuticals and medical supplies valued at $284,000 were received and utilized as general expenses. 3. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,384,000 of the $8,412,000 billed by the hospital during the year (see transaction 1). . An unconditional contribution of $5,190,000 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 $1,212,000 was received from the following activities/sources: cafeteria and gift shop sales, $900,000; medical seminars $144,000; unrestricted transfers from the Evanston General Hospital Foundation, \$94,000; and fees for medical transcripts, $74,000 Uncollectible accounts totaling $5,150 were written off. The allowance for uncollectible receivables was increased by $10,670. Required . Prepare journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Services provided to inpatients and outpatients amounted to $9,828,000, of which $469,000 was for charity care; $947,000 was paid by uninsured patients; and $8,412,000 was billed to Medicare, Medicaid, and insurance companies. Note: Enter debits before credits. Journal entry worksheet Donated pharmaceuticals and medical supplies valued at $284,000 were received and utilized as general expenses. Note: Enter debits before credits. Journal entry worksheet Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,384,000 of the $8,412,000 billed by the hospital during the year. Note: Enter debits before credits. Journal entry worksheet An unconditional contribution of $5,190,000 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. Note: Enter debits before credits. Journal entry worksheet A total of $1,212,000 was received from the following activities/sources: cafeteria and gift shop sales, $900,000; medical seminars, $144,000; unrestricted transfers from the Evanston General Hospital Foundation, $94,000; and fees for medical transcripts, $74,000. Note: Enter debits before credits. Journal entry worksheet B Record uncollectible accounts totaling $5,150 were written off. Note: Enter debits before credits. Journal entry worksheet Record the allowance for uncollectible receivables was increased by $10,670. Note: Enter debits before creditsStep by Step Solution
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