St$.$ Joseph$$s Hospital began operations in December $2023$ with patient service revenues totaling $$1,330,000($based on customary rates$)$ for the month. Of this, $$220,000$ is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third$-$party payors, including insurance companies and government health care agencies. St$.$ Joseph$$s estimates that $20$ percent of these third$-$party payor charges will be deducted by contractual adjustment. The hospital$$s fiscal year ends on December $31.$

$1.$ Prepare the journal entries for December $2023.$ Assume $15$ percent of the amounts billed to patients will be reduced through implicit price adjustments.

$2.$ Prepare the journal entries for $2024$ assuming the following:

a$.$ $$123,000$ is collected from the patients during the year, and $$11,800$ of price adjustments are granted to individuals.

b$.$ Actual contractual adjustments total $$229,000.$ The remaining receivable from third$-$party payors is collected.

Note: For all requirements, if no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

A$.$ Record the patient service revenues for $2023$ including the insurance deductibles and copayments; and the balance billing to third$-$party payors.

B$.$ Record the $20$ percent third$-$party payor charges deductible by contractual adjustment for $2023.$

C$.$ Record the provision for implicit price adjustments for $2023.$

D$.$ Record the amount collected from the patients during the year $2024$ and also the price adjustments granted to individuals.

E$.$ Record the year end allowance for contractual adjustments for $2024.$

F$.$ Record the amount collected and actual contractual adjustments receivable from the third$-$party payors for $2024.$St$.$ Joseph's Hospital began operations in December $2023$ wth patient service revenues totaling $$1,330,000($based on customary

rates$)$ for the month. Of thls$,$ $$220,000$ is billed to patlents, representing thelr Insurance deductibles and copayments. The balance is

billed to third$-$party payors, Including Insurance companles and government health care agencles. St$.$ Joseph's estimates that $20$

percent of these third$-$party payor charges will be deducted by contractual adjustment. The hospital's fiscal year ends on December $31.$

Required:

Prepare the journal entrles for December $2023.$ Assume $15$ percent of the amounts billed to patients will be reduced through

Implicit price adjustments.

Prepare the journal entries for $2024$ assuming the following:

a$.$ $$123,000$ is collected from the patients during the year, and $$11,800$ of price adjustments are granted to individuals.

b$.$ Actual contractual adjustments total $$229,000.$ The remaining recelvable from third$-$party payors is collected.

Note: For all requirements, if no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first

account field.

Answer is not complete.