St Joseph's Hospital began operations in December 2019 and had patlent service revenues lotaling $1,270,000 (based on customary rates) for the month Or this, $140,000 is billed to patients, representing thel insurance deductbles 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 5 percent of the amounts billed to patients will be reduced through implict price adjustments. 2 Piepare the journal entries for 2020 assuming the following a $120,000 is collected from the patients during the year and $11,500 of price adjuatments are granted to individuals b. Actual contractual adjustments total $326,000 the lemaining 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.) Journal entry worksheet Record the patient service revemen for 2019; the insurance deductibles and copayments; and the buance billing to third-party payors