Question
Caring Community Hospital, a not-for-profit hospital, recorded the following transactions. Required For each of the transactions, indicate which revenue classification would be affected by selecting
Caring Community Hospital, a not-for-profit hospital, recorded the following transactions. |
Required |
For each of the transactions, indicate which revenue classification would be affected by selecting the appropriate revenue or gain classification from the list. |
1.Received $20 as co-pay from a patient for an out-patient visit. Billed $500 to insurance. 2.Gift shop sales amounted to $1,500. 3.Citizens Health Insurance paid $350 as final payment on the $500 billed for the patient in transaction 1. 4.The hospital provided medical care valued at $20,000 for homeless citizens. 5.A grateful patient contributed $1,000 for unrestricted use by the hospital. 6.The hospital received $500 for CPR training it provided to the city fire department. 7.The local retirees association contributed $2,000 of labor at the hospital information desk. 8.The hospital received a $10,000 federal grant to provide immunizations to children. 9.Patient accounts of $500 were written off a uncollectible. 10.Pharmaceutical firms donated recently approved drugs valued at $8,000. The hospital uses a similar type drug in its operations.
Options to choose from are Contractual adjustments, No revenue, Other revenue (exchange), Other revenue (nonexchange), and Patient Service Revenue |
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