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.Record the journal entries that reflect all of this information.
What will be an ideal response?
| Accounts Receivable-Patients | $225,000 | |
| Accounts Receivable-Third Party | 75,000 | |
| Patient Service Revenues | $300,000 | |
| Provision for Bad Debts | $25,000 | |
| Allowance for Uncollectible and Reduced Accounts | $25,000 | |
| Contractual Adjustments | $3,000 | |
| Allowance for Uncollectible and Reduced Accounts | $3,000 | |
Business
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