Accounting Assignment | College Homework Help

The following transactions on the books of St. Marie’s Hospital, a private not-for-profit hospital in 2017.

(a) The Hospital billed patients $612,000 for services rendered. Of this amount, 5% is expected to be uncollectible. Contractual adjustments with insurance companies are expected to total $87,000.

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(b) The Hospital received $750,000 in pledges of support in a campaign undertaken to purchase new MRI equipment. All of the pledges are payable within one year and 8% are expected to be uncollectible.

(c) Charity care in the amount of $36,000 (at standard charges) was performed on an indigent patient.

(d) The Hospital collected $487,200 for the services performed in (1) above. Actual contractual adjustments for these services amounted to $89,700. $ 13,700 of receivables were identified as uncollectible and written off.

St. Marie’s Hospital
General Journal
Account DR CR
c No journal entry required.
d Cash