service St. Joseph's Hospital began operations In December 2016 and had patient revenues totaling $1,050.000 (based on customary rates) for the month. Of thls $129,000 Is billed to patients, representing their insurance deductibles and co- payments. The balance is billed to third-party payers, Including Insurance companies and government health care agencles. St Joseph estimates that 20 percent of these third-party payer charges will be deducted by contractual adjustment The Hospital's fiscal year ends on December 31. Required: 1. Prepare the journal entries for December 2016. Assume that 15 percent of the amounts billed to patients wil be uncollectible 2 Prepare the journal entries for 2017 assuming the following: a. $109,000 is collected from the patients during the year and $10,400 Is watten off b. Actual contractual adjustments total $216.000. The remaining recelvable-from third- party payers is collected (lf no entry is required for e trensactlonievent, select "No Journel Entry Required In the first account field.) Journal entry worksheet