Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2013, Wakefield Home rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and $25,000 will be adjusted based on estimated insurance agreements. The remaining amount is to be paid by third party insurance providers.
The Home incurred the following liabilities: $110,000 salaries, $30,000 medical equipment, $10,000 utilities expense.
Prepare the journal entries for these transactions.

Question

Quizplus · Accepted Answer

The Answer of Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2013, Wakefield Home rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and $25,000 will be adjusted based on estimated insurance agreements. The remaining amount is to be paid by third party insurance providers.
The Home incurred the following liabilities: $110,000 salaries, $30,000 medical equipment, $10,000 utilities expense.
Prepare the journal entries for these transactions.

Wakefield Home Is a Private Not-For-Profit Healthcare Organization Offering Services