this is accounting for governmental and nonprofit organizations. King Hospital,
ID: 2470915 • Letter: T
Question
this is accounting for governmental and nonprofit organizations.
King Hospital, a private nonprofit hospital, had the following transactions occur for the month of April 20X3 for their General Fund.
(1) The hospital billed patients for $300,000 during the month. Of this amount, 98% is expected to be collectible.
(2)Nurse and doctors employed by the hospital were paid in the amount of $125,000.
(3)The chief administrator of the hospital was paid her salary of $15,000.
(4)The hospital paid its utility bill in the amount of $5,000.
(5)Depreciation on the equipment for the month was $30,000.
(6)Doctors donated services to the hospital in the amount of $3,000.
(7)An unrestricted donation of $4,000 was received.
REQUIRED: Preparing all general journal entries required, in proper form, to record the above transactions. Be sure to label the accounts to indicate the proper account classification.
Explanation / Answer
S.No Account Description Debit Credit 1 Receivables from Patients 3,00,000 Receipts from Patients 3,00,000 2 Professiona services 1,25,000 Cash/Bank 1,25,000 3 Salary 15,000 Cash/Bank 15,000 4 Utility Bill 5,000 Cash/Bank 5,000 5 Depreciation 30,000 Fixed assets 30,000 6 Professiona services 3,000 Donation received 3,000 7 Cash/Bank 4,000 Donation received 4,000
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