Reference no: EM133331019
Following are several unrelated transactions involving a hospital.
1. The hospital has a contractual agreement with a lender requiring that $540,000 in cash be set aside to meet its future debt payment.
2. The hospital accrued $1,540,000 in patient service revenues. Charity services of $435,000 were also provided. Contractual adjustments total $555,000.
3. An increase of $49,000 was recorded for bad debts.
4. General services of $140,000 were donated by technicians. Normally, the hospital would have purchased these specialized services.
5. An endowment contribution of $1,540,000 was received.
6. Investments held by the hospital increased in fair value by $36,000
7. The hospital purchased $841,000 in equipment with resources that had been contributed in prior years for such a purchase.
Prepare journal entries to record the foregoing transactions, assuming the hospital is a business-type government facility. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Prepare journal entries to record the foregoing transactions
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