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entries for a hospital 8217 s un r estricted general fund the following are transact 733885

Entries for a Hospital s Un r estricted (General) Fund

The following are transactions and events of the general fund of Sycamore Hospital, a not for profit entity, for the 20X6 fiscal year ending December 31, 20X6.

1. Provided a total of $6,200,000 in patient services.

2. Had total operating e xpenses of $5,940,000, as foll o ws:

Nursing services

$2,070,000

Other professional expenses

1,250,000

Fiscal services

225,000

General services

1,510,000

Bad debts

125,000

Administration

260,000

Depreciation

500,000

Accounts credited for operating e xpenses other than depreciation:

Cash

$4,785,000

Allowance for Uncollectibles

125,000

Accounts Payable

210,000

Inventories

240,000

Donated Services

80,000

3. Allowed contractual adjustments of $220,000 as deductions from gross patient revenue.

4. Received a transfer of $180,000 from specific purpose funds for payment of approved operat ing costs in accordance with the terms of the restricted gift.

5. Received a transfer of $200,000 from the temporarily restricted plant fund to purchase new equipment for the hospital.

6. Received $155,000 of unrestricted gifts.

7. Collected accounts receivable except for $75,000 written off.

8. Reported a $70,000 increase in the market value of the investment securities portfolio of the general fund from the beginning of the period. The board designated this entire income for other than current operations.

Required

a. Prepare journal entries in the general fund for each of the transactions and events.

b . Prepare the statement of operations for the general, unrestricted fund of Sycamore Hospital.

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