Record in General Journal Form the Following Selected Transactions for Avalon

question 10

Essay

Record in general journal form the following selected transactions for Avalon General Hospital,a nongovernmental not-for-profit institution.
1. Gross charges for patient services rendered during the period amounted to $7,870,000,of which $350,000 represented charity care for indigent patients.
2. During the year the provision for bad debts was set at $190,000 and contractual adjustments amounted to $435,000.
3. A wealthy donor donated $2,000,000 to construct a new cardiology wing on the hospital.4. During the year,the new cardiology wing (see item 3)was one-half completed at a cost of $1,000,000.

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Definitions:

Economic Profit

The financial surplus a company has after deducting all types of costs, including visible and hidden, from its gross income.

Existing Technology

The current state of technological development or the sum of the technological innovations available in any given field or society.

Process Innovation

The introduction of a new or significantly improved production or delivery method.

Technological Advance

Technological Advance refers to the development and application of new technologies and improvements to existing technologies, which can increase efficiency, productivity, and quality of products and services.