Journal entries:
Prepare journal entries to record the following transactions of a not-for-profit hospital:
1. The hospital billed its patients for $250,000.
2. Nurses and doctors employed by the hospital were paid their salaries, $100,000.
3. The chief administrative officer was paid her salary of $10,000.
4. The hospital paid its utility bill, $5,000.
5. Depreciation on the equipment was $34,000.
6. Several adults donated their time (worth $5,000) selling merchandise in the hospital gift shop.
7. The hospital billed Medicare $100,000 for services provided at its established rates. The prospective billing arrangement gives Medicare a 40 percent discount from these rates.
8. An unrestricted donation of $4,000 was received.