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Record the given transactions of a not-for-profit hospital

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Reference no: EM131705051

Question: (Journal entries) Prepare journal entries to record the following transactions of a not-for-profit hospital:

1. The hospital billed its patients for $250,000.

2. Nurses and doctors employed by the hospital were paid their salaries, $100,000.

3. The chief administrative officer was paid her salary of $10,000.

4. The hospital paid its utility bill, $5,000.

5. Depreciation on the equipment was $34,000.

6. Several adults donated their time (worth $5,000) selling merchandise in the hospital gift shop.

7. The hospital billed Medicare $100,000 for services provided at its established rates. The prospective billing arrangement gives Medicare a 40 percent discount from these rates.

8. An unrestricted donation of $4,000 was received.

Reference no: EM131705051

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