Govt and Nonprofit Accounting

(27.)

Listed below are selected transactions form the City of Watertown Hospital. All amounts are in thousands of dollars.

Transactions:

1. The hospital provided patient services during the year that had standard charges of $12,500. Contractual adjustments awarded to patients under contracts with insurance companies and under government programs totaled $2,000. Uncollectible accounts are expected to be approximately $800.

2. Nursing and other professional salaries paid during the year totaled $2,300.

3. Depreciation for the year was $500 for the building and $900 for the equipment.

4. Medical supplies costing $2,600 were purchased durign the year. The inventory of supplies increased $200 at the beginning of the year to $300 at the year end.

5. The hospital received $4,000 to be used for the purchase of specialized diagnostic equipment.

6. THe hospital received a $500 gift to be used for providing specialized coronary care services to patients.

7. The hosptial purchased $2,000 of diagnostic equipment with the donation received for that purpose.

8. The hospital incurred $400 of operating expenses for the care of coronary patients constient with the purposes of that donation.

9. The hospital issued $5,000 of 20-year, 8% bonds at par at mid-year to finance a new additionf or the hospital.

10. The hospital estimates that malpractice claims against the hospital of $400 will ultimately result in liabilities of $100 that will have to be paid, but probably will not have to be paid uring the next fiscal year.

Requirement: Prepare the journal entires required of a government hospital for these transactions

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