Reference no: EM13873845

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.