Wakefield Home Is a Private Not-For-Profit Healthcare Organization Offering Services

question 57

Essay

Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2013, Wakefield Home rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and $25,000 will be adjusted based on estimated insurance agreements. The remaining amount is to be paid by third party insurance providers.
A local business donated medical supplies to Wakefield with a value of $40,000.
Prepare the journal entry for the receipt of these supplies.

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Definitions:

Bony Features

Characteristics or notable aspects of bones, including their structure, function, and the landmarks they present.

Scapula

The flat, triangular bone located on the upper back, commonly known as the shoulder blade, which connects the humerus with the clavicle.

Clavicle

A lengthy bone acting as a support link between the scapula and the sternum, commonly referred to as the collarbone.

Deltoid Muscle

A large, triangular muscle covering the shoulder joint and used for lifting and rotating the arm.