Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During a particular week at Dar Alshifa'a hospital records $3.6 million in patient charges. It estimates that $2.4 million of the charges will be billed
During a particular week at Dar Alshifa'a hospital records $3.6 million in patient charges. It estimates that $2.4 million of the charges will be billed to Jordan Insurance Company, services rendered during the week were only $2,340,000. An amount of $450,000 is distributed by billing uninsured patients. However, the hospital estimates that 180,000 will be uncollectible. Meanwhile $150,000 are services purified to the employees working in the hospital which were provided later on with a 50% discount, and $600,000 are provided to indigents. Depreciation of the hospitals fixed assets for the year by using the straight line method is $200,000. The hospital is facing a laws suit in court related to negligence expecting a loss of $2,500,000, while Jordan Insurance Co. will carry $750,000. Required: Record the necessary transactions related to that working week. During a particular week at Dar Alshifa'a hospital records $3.6 million in patient charges. It estimates that $2.4 million of the charges will be billed to Jordan Insurance Company, services rendered during the week were only $2,340,000. An amount of $450,000 is distributed by billing uninsured patients. However, the hospital estimates that 180,000 will be uncollectible. Meanwhile $150,000 are services purified to the employees working in the hospital which were provided later on with a 50% discount, and $600,000 are provided to indigents. Depreciation of the hospitals fixed assets for the year by using the straight line method is $200,000. The hospital is facing a laws suit in court related to negligence expecting a loss of $2,500,000, while Jordan Insurance Co. will carry $750,000. Required: Record the necessary transactions related to that working week
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started