Reference no: EM133177992
Question - Trece Town Hospital is a private, not-for-profit hospital. The following information is available about the operations.
1. Gross patient services charges totaled P4,000,000.
2. Included in the above revenues are: charity services, P125,000; contractual adjustments, P350,000; courtesy allowances, P10,000; and estimated uncollectible amounts, P150,000.
3. Premium fees receipts were P125,000.
4. Purchased P40,000 of hospital supplies on account, with payments on that account, P36,000.
5. Received cash donations for a new hospital wing of P1, 100,000.
6. Paid contractor P275,000 for billed costs toward the new hospital wing.
Required - Make journal entries for the aforementioned transactions.
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