St. Joseph's Hospital began operations in December 2019 and had patient service revenues totaling $1,210,000 (based on customary rates) for the month. Of this, $137,000 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. Required: 1. Prepare the journal entries for December 2019. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments 2. Prepare the journal entries for 2020 assuming the following: a $117.000 is collected from the patients during the year and $11,200 of price adjustments are granted to individuals. b. Actual contractual adjustments total $296,000. The remaining receivable from third-party payors is collected (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit 1 1a Patient Accounts Receivable-Patients 137,000 Patient Accounts Receivable-3rd Party Payors 1,073,000 Revenues-Without Donor Restrictions-Patient Service Revenue 1,210,000 21 16 Contractual Adjustments 214,600 Patient Accounts Receivable-3rd Party Payors * 214.600 3 1c Provision for Implicit Price Adjustments Allowance for Implicit Price Adjustments 20.550 20.550 4 2a Cash Allowance for Implicit Price Adjustments 5 261 16 262 Patient Accounts Receivable-Patients Contractual Adjustments Patient Accounts Receivable-Patients Cash Allowance for Implicit Price Adjustments Allowance for Contractual Adjustments Patient Accounts Receivable-3rd Party Payors 000 00 117.000 11.200 O 128.200 81,400 81,400 0000 777.000 20.5500 275.450 Q 1.073.000