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Prepare journal entries to record the foregoing transactions

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Reference no: EM132809841

Prepare journal entries for the following transactions.

  1. The Sunnyvale hospital has set aside $590,000 cash for future debt payment, as requested in the borrowing contract.
  2. The hospital accrued $1,590,000 in patient service revenues. Charity services of $460,000 were also provided. Contractual adjustments total $580,000.
  3. An increase of $54,000 was recorded for bad debts.
  4. General services of $190,000 were donated by nurses. Normally, the hospital would have purchased these specialized services.
  5. An endowment contribution of $1,590,000 was received.
  6. Investments held by the hospital increased in fair value by $41,000.
  7. The hospital purchased $846,000 in equipment with resources that had been contributed in prior years for such a purchase.

Required

Problem 1: Prepare journal entries to record the foregoing transactions, assuming the hospital is a not-for-profit facility. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Reference no: EM132809841

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