Childrens Hospital is a private,not-for-profit hospital.The following information is available about the operations.
1.Gross patient services charges totaled $6,400,000.
2.Included in the above revenues are: charity services,$210,000; contractual adjustments,$2,400,000; and courtesy allowances,$37,000.
3.Received a donation of marketable securities with a fair value of $165,000 for the purchase of new diagnostic equipment.
4.The marketable securities were sold for $182,000 and diagnostic equipment was purchased at a cost of $210,000.
5.Revenue from the hospital gift shop was $58,000 and from the cafeteria revenues were $227,000.Received cash from both enterprises.
6.Incurred and paid nursing service costs of $1,700,000 and general service costs of $400,000.
Required:
Prepare journal entries for the aforementioned transactions.

Question

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The Answer of Childrens Hospital is a private,not-for-profit hospital.The following information is available about the operations.
1.Gross patient services charges totaled $6,400,000.
2.Included in the above revenues are: charity services,$210,000; contractual adjustments,$2,400,000; and courtesy allowances,$37,000.
3.Received a donation of marketable securities with a fair value of $165,000 for the purchase of new diagnostic equipment.
4.The marketable securities were sold for $182,000 and diagnostic equipment was purchased at a cost of $210,000.
5.Revenue from the hospital gift shop was $58,000 and from the cafeteria revenues were $227,000.Received cash from both enterprises.
6.Incurred and paid nursing service costs of $1,700,000 and general service costs of $400,000.
Required:
Prepare journal entries for the aforementioned transactions.

Childrens Hospital Is a Private,not-For-Profit Hospital