Revenue Classifications. Rosemont Hospital, a not-for-profit hospital, recorded the following transactions. For each transaction, indicate the appropriate revenue or gain classification by selecting the letter or letters of that (those) classification(s) from the list in the right-hand column.
1. Received $100 as co-pay from a. Patient service revenue
a patient for an out-patient visit.b. Contractual adjustments
Billed $500 to insurance. c. Other revenue
2. Gift shop sales amounted to $ 1,500. d. Nonoperating gain
3. Citizen’s Health Insurance paid $350 e. Contribution revenue
as final payment on the $500 billedf. No revenue or gain
for the patient in transaction 1.
4. The hospital provided medical care valued at
$20,000 for homeless citizens.
5. A grateful patient contributed $1,000 for
unrestricted use by the hospital.
6. The hospital received $500 for CPR training
it provided to the city fire department.
7. The hospital sold $45,000 of prescription medications
from its pharmacy.
8. Pharmaceutical firms donated recently approved drugs valued
at $8,000. The hospital would not have purchased these drugs had they not been donated.