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Pie
2 years ago
5

A hospital arranges with a third-party payer to charge the third party 85 percent of its established billing rates. During Janua

ry, the hospital provided services amounting to $2.0 million at the established billing rates. Prepare journal entries to record the January billings.
Business
1 answer:
Airida [17]2 years ago
7 0

The journal entries to record the January billings of the hospital are as follows:

Debit Accounts Receivable $1,700,000

Debit Finance Charge $300,000

Credit Service Revenue $2,000,000

  • To record the services provided.

Data Analysis:

Accounts Receivable $1,700,000 ($2,000,000 x 85%) Finance Charge $300,000 Service Revenue $2,000,000

Thus, the hospital will split the billing for January into two: the <em>amount it will receive</em> and the finance charge for using the third-party payer.

Learn more: brainly.com/question/25364507

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Answer:

e. Debit Retained earning $49,280 Credit Common stock dividend distributable $35,200

Credit Paid in capital in excess of par value(Common stock) $14,080

Explanation:

The journal entry is as follows:

Retained earnings (3,520 shares × $14)

Dr $49,280

_______ Common stock dividend distributable (3,520 shares × $10)

Cr $35,200

_______ Paid in capital in excess of par value ($49,280 - $35,200)

Cr $14,080

3 0
3 years ago
Are perfectly competitive markets allocatively allocatively efficient in the long​ run?
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3 years ago
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Keynes rejected the view that lower wages would direct a recessionary economy back to full employment because
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Answer: the options are added below:

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The correct option is D.

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