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 a 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 ) b 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 )

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Posted on Sep 30, 2024

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

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.

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.)

b.	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.)