Solved: Journal entries to record collection of patient account, Financial Accounting

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Journal entries to record collection of patient account

Response to the following problem:

Garry Hospital provides $1,600 of routine services and $1,400 of ancillary services to a patient under a third-party contract that provides for 85 percent reimbursement to the hospital. The remaining 15 percent is not billable to the patient.

Required: Make general journal entries to record

(1) the services rendered to the patient and

(2) the collection of the patient's account.

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Financial Accounting: Journal entries to record collection of patient account

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Financial Accounting: Journal entries to record collection of patient account

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