During 2017, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution.

1) Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,800,000. Contractual adjustments with third-party payers amounted to $475,000.

2) Charity services, not included in transaction 1, would amount to $66,000, had billings been made at gross amounts.

3) Other revenues, received in cash, were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000.

4) Cash gifts for cancer research amounted to $26,000 for the year. During the year, $50,000 was expended for cancer research technicians salaries (debit Operating ExpenseSalaries and Benefits).

5) Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used.

6) During the year, the hospital received, in cash, unrestricted contributions of $42,000 and unrestricted income of $35,000 from endowment investments. (It is the hospitals practice to treat unrestricted gifts as nonoperating income.)

7) New equipment, costing $152,000, was acquired using donor-restricted cash that was on hand at the beginning of the year. Port Hudsons policy is to record all equipment in the unrestricted net asset class.

8) An old piece of lab equipment that originally cost $50,000 and that had an undepreciated cost of $10,000 was sold for $7,000 cash.

9) At the end of 2017, pledges received in the amount of $120,000 were intended to be paid and used for unrestricted purposes in 2018.

10) Cash contributions were received as follows: temporarily restricted for purposes other than plant, $40,000; temporarily restricted for plant acquisition, $130,000.

11) Bills totaling $219,000 were received for the following items: Utilities $ 139,000 Insurance 80,000

12) Depreciation of plant and equipment amounted to $180,000.

13) Cash payments on vouchers payable amounted to $168,000. Another $800,000 was expended on wages and benefits. Cash collections of patient accounts receivable amounted to $1,180,000.

14) Closing entries were prepared.

Required:

a. Record the transactions in the general journal of the Port Hudson Community Hospital. (21 JOURNAL ENTRIES ARE REQUIRED)

1a - Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,800,000.

1b - Contractual adjustments for patient services with third-party payers amounted to $475,000.

02 - Charity services, not included in transaction 1, would amount to $66,000, had billings been made at gross amounts.

03 - Other revenues, received in cash, were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000.

4a - Record the cash gifts received for cancer research.

4b - Record the cancer research technicians salaries.

4c - Record the reclassification of assets in satisfaction of program restrictions.

05 - Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used.

06 - During the year, the hospital received, in cash, unrestricted contributions of $42,000 and unrestricted income of $35,000 from endowment investments. (It is the hospitals practice to treat unrestricted gifts as nonoperating income.)

7a - Record the New equipment acquired.

7b - Record the reclassification of net assets due to equipment acquisition.

08 - An old piece of lab equipment that originally cost $50,000 and that had an undepreciated cost of $10,000 was sold for $7,000 cash.

09 - At the end of 2017, pledges received in the amount of $120,000 were intended to be paid and used for unrestricted purposes in 2018.

10 - Cash contributions were received as follows: temporarily restricted for purposes other than plant, $40,000; temporarily restricted for plant acquisition, $130,000.

11 - Record the Bills for utilities and insurance.

12 - Depreciation of plant and equipment amounted to $180,000.

13a - Record the cash payments on vouchers payable amounted to $168,000.

13b - Record the another $800,000 was expended on wages and benefits.

13c - Record the cash collections of patient accounts receivable amounted to $1,180,000.

14a - Record the closing entries for operating revenues and expenses.

14b - Record the year end reclassifications of net assets.

b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2017. (REFER TO SCREENSHOT FOR FORMAT/TEMPLATE)

Hw 12 53-00 Raquired A Reauired B Prepar??St "ment of Operations for the Port Hudson Community Hospt 1 for th, year ended December 31, 2017. (Lo55 amounts should be indirsted by minus sigm 2 Dunng 2017, the following transactions were recorded by the Port Hudson Community Hosptal, a pnvate sector not-for-prof: ineitution. Stalement of Operations 1. Gross charges for peallent services, all charged to Patlent Accounts Recelvable, amounted to $1200000 Contractual adjustments r the Year Endsd with third-party payers amcunted to $475,000 2 Charnty sernces, not included in transaction 1, wculd amount to $6600o, had b lings been made at gross amounts 3. Otner revenues, recelved in cash, were parking lot, $20,000; cafeteria, $35,000,gift shop, $5,000. 4, Cash gifts for cancer research amounted to $26.000 TO?the year. During the year, $50,000 was expended for cancer research points echnicians salaries (debit Operating Expense-5alaries and Benefs 5. Mortgage bond payments amounted to $50,000 for principa and 52B,000 for Interest. Assume unrestricted resources are used 6. During the yeor, the hosptal receved, In cosh, unrestricted contributions of 542.000 and unrestricted income ot $35.000 trom endowment Inveetments. (t Is the hosp tas proczice to trest unrestricted glfts os nonopersting Income.) 7. New equlpment costing $152000. was ocquired using donor-restricted cash that was on hand at the beginning of the year. Port 8. An old piece of lab equipment thot originally cost $50,000 ond thet hed an undesrecleted cost cf S10,000 wes sold for $7000 cash. 10. Cash contnbutions were recerved as fol ows temporanly restncted for purposes other than plant, $40,000; temporarlly resincted 1. illis totaling $219,000 were receved for the following items: mudson's policy Is to record oil equipment in the unrestricted netosset c1855 Total Op-aing RW2.n? At the ed of 2017, pledges receved in the amount of S120,000 were Intended to be peid and used for unrestricted purposes inOperasngL 2018 or plant acquisition, $130,000 113-88 otal Opesing 12 Deprecistion of plant and equipment amounted to $180,000. 13. Cash peyments on vouchers payable amounted to $168,000 Another $800,000 was expended on weges end benefits. Cesh colections of pattent accounts recevable amounted to $1,180,000 14 Closing entries were prepared. Required: e. Record the tronsctions In the general journal of the Port Hudson Communlity Hospita b. Prepare ? Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2017 Total Other l Complete this question by ?ntering your answers in th? tabs blow. t Assets Released trom R Required A Required Prapare a Statemant of Oparations for the Port Hudson Community Hospital for the year ended Decambar 31, 2017. (Loss amounts should be indicated by a minus sign. ? Required A Reqaired B