The following transactions and events relate to the

operation of
The following transactions and events relate to the operation of a government hospital.a.
Prepare journal entries to record the effects of these transactions and events in the general
ledger accounts of the hospital. Explanations of entries may be omitted.1. Total billings for
patient services rendered, $85,000; it was estimated that bad debt losses on these billings
would be $1,000 and that contractual adjustments would amount to $6,000.2. Expenses of
$15,000 were incurred for heart research. Restricted assets that were received in prior years
were used to finance this research.3. Equipment (cost, $8,000; accumulated depreciation,
$5,000) was sold for $1,000.4. Depreciation expense on buildings was recognized, $18,000.5.
Earnings on endowment investments are restricted to use for intern education; $14,000 was
earned in the current year.6. Unrestricted income on endowment investments, $3,500, was
received.7. Of the billings for patient services rendered (see item 1), $1,000 was written off.b.
Explain how each of the preceding transactions affects the Statement of Revenues, Expenses,
and Changes in Net Position.View Solution: The following transactions and events relate to the
operation of
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