Wakefield Home is a private not-for-profit health care entity offering services for a fee. In the first quarter of 2017, Wakefield Home rendered services of $300,000 to patients. Of this amount, patients bear responsibility for 75% and the remaining amount is to be paid by third-party insurance providers. However, at the end of 2017, Wakefield Home realizes that $25,000 of the patients' responsibility to pay their share of the billed amounts is estimated to be uncollectible and $3,000 of the amounts from the third-party payors will not be collected.A local business donated medical supplies to Wakefield Home with a value of $40,000. Prepare the journal entry for the receipt of these supplies.
What will be an ideal response?
| Inventory of Medical Supplies | $40,000 | |
| Unrestricted Net Assets-Contribution of Materials | $40,000 | |
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