Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2011, 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.
-A local business donated medical supplies to Wakefield with a value of $40,000.
Prepare the journal entry for the receipt of these supplies.

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The Answer of Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2011, 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.
-A local business donated medical supplies to Wakefield with a value of $40,000.
Prepare the journal entry for the receipt of these supplies.

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