Prepare general journal form for the following transactions of Bothwell Regional Hospital, a nongovernmental not-for-profit hospital. (If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.)For the month just ended, the hospital received in cash $8,000 from the hospital's gift shop sales and received donated medicines with a fair value of $47,000. These medicines are of the type the hospital normally would purchase.The hospital's finance officer, in compliance with the directive of the governing board, invested $600,000 of operating cash in certificates of deposit to be held for future purchases of equipment.New equipment costing $750,000 was purchased from money given to the hospital by a donor in a prior year to be held until needed for equipment purchases.A federal grant was received in cash in the amount of $400,000 to be used for heart research. During the current year, only $50,000 was spent for this research program.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare general journal form for the following transactions of Bothwell Regional Hospital, a nongovernmental not-for-profit hospital. (If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.)

For the month just ended, the hospital received in cash $8,000 from the hospital's gift shop sales and received donated medicines with a fair value of $47,000. These medicines are of the type the hospital normally would purchase.
The hospital's finance officer, in compliance with the directive of the governing board, invested $600,000 of operating cash in certificates of deposit to be held for future purchases of equipment.
New equipment costing $750,000 was purchased from money given to the hospital by a donor in a prior year to be held until needed for equipment purchases.
A federal grant was received in cash in the amount of $400,000 to be used for heart research. During the current year, only $50,000 was spent for this research program.

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