63. In accruing patient charges for the current month, which one of the following accounts should a hospi- tal credit? a. Accounts Payable b. Patient Service Revenues c. Unearned Revenue d. Deferred Revenue
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- Accounting for patient service revenue Ruby Ruth Hospital had the following transactions during the year ended December 31:1. The hospital provided services to patients insured by third-party payer A amounting to $9.0 millionat its established billing rates. The hospital’s prospective billing arrangement with this third partystipulates payment to the hospital of 70 percent of its established rates for services performed.All billings were paid during the year.2. The hospital provided services to patients insured by third-party payer B amounting to $5.4 millionat its established billing rates. Its retrospective billing arrangement with this third party stipulatesthat the hospital should receive payment at an interim rate of 90 percent of its established rates,subject to retrospective adjustment based on agreed-upon allowable costs. By year-end, B had paidall the billings. Before issuing its financial statements, the hospital estimated that the probableamount it will need to refund to B…The рroduction deрartment of an insurance comрany reрorted Ρhр 45,121.00 insured рolicy by an insurance agent. What was the commission rate of the agent who receives Ρhр 3,390 as his commission last month.Fill in the blank. The ____________ principle of accounting requires the revenues generated by providing care for a patient to be recorded in the same accounting period as the expenses incurred to provide that care.
- 4a Describe the resource-based relative value scale payment method usedby Medicare to reimburse physicians for their outpatient services. Besure to address the unit of payment and how payment rates aredetermined and adjusted under Medicare Access and CHIPReauthorization Act (MACRA) of 2015.Prepare A Classified balance sheet, in report format, at June 30, 2020. READY HOSPITAL SUPPLIES ADJUSTED TRIAL BALANCE AS AT JUNE 30, 2020 ACCOUNT DEBIT CREDIT 1 Cash 127,000 2 A/c receivables 151,000 3 Allowance for bad debt 19,500 4 Prepaid insurance 48,000 5 Merchandise inventory 186,000 6 Store supplies 25,000 7 Prepaid rent 14,000 8 Furniture and fixtures 800,000 9 Accumulated depreciation-furniture & fixtures 320,000 10 Computer equipment 450,000 11 Accumulated depreciation-computer equipment 21,000 12 Interest payable 36,000 13 Accounts payable 133,500 14 Salaries payable 14,000 15 Unearned sales revenue 34,000 16 Portion of loan 90,000 17 Long term loan 270,000 18 Eva Ready Capital 898,500 19 Eva Ready Withdrawals 104,000 20 Sales revenue 1,091,000 21 Gain on computer equipment 14,000 22 Interest expense 36,000 23 Sales discount 7,000 24 Insurance expense 24,000 25…A hospital provided $750,000 of billable services to noncapitated patients. Payment has not yet been received. When the transaction is recorded on the general ledger, cash (an asset) is increased by $750,000 and patient revenue is decreased by $750,000. True False
- Prepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…Dec 31, What is the allowance for uncollectible accounts should have credit bal. for
- Do not Copy from Chegg and Bartleby. Otherwise I will give you dislike. Physicians’ Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31, 2021, Physicians’ estimates uncollectible accounts to be 15% of accounts receivable.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable.Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $50,000 15% 0 –30 days past due 11,000 20% 31– 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjustment for uncollectible accounts on December 31, 2021.3. Calculate net accounts receivable.Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"