Record the following transactions on the books of St.Marie's Hospital,a private not-for-profit hospital.
(a)The Hospital billed patients $300,000 for services rendered.Of this amount,3% is expected to be uncollectible.Contractual adjustments with insurance companies are expected to total $42,000.
(b)The Hospital received $240,000 in pledges of support in a campaign undertaken to purchase new MMR equipment.All of the pledges are payable within one year and 8% are expected to be uncollectible.
(c)Charity care in the amount of $34,000 (at standard charges)was performed on an indigent patient.
(d)The Hospital collected $237,600 for the services performed in (1)above.Actual contractual adjustments for these services amounted to $45,700.The remaining receivables were written off as uncollectible.

Question

Quizplus · Accepted Answer

The Answer of Record the following transactions on the books of St.Marie's Hospital,a private not-for-profit hospital.
(a)The Hospital billed patients $300,000 for services rendered.Of this amount,3% is expected to be uncollectible.Contractual adjustments with insurance companies are expected to total $42,000.
(b)The Hospital received $240,000 in pledges of support in a campaign undertaken to purchase new MMR equipment.All of the pledges are payable within one year and 8% are expected to be uncollectible.
(c)Charity care in the amount of $34,000 (at standard charges)was performed on an indigent patient.
(d)The Hospital collected $237,600 for the services performed in (1)above.Actual contractual adjustments for these services amounted to $45,700.The remaining receivables were written off as uncollectible.

Record the Following Transactions on the Books of St