(Answered) Question accounting for premium revenues a hospital

Accounting

Question: (Accounting for premium revenues) A hospital arranges with an HMO to provide hospital care to the HMO's members at a specific rate per member, per month. During June, the HMO paid the hospital $850,000, in accordance with the agreement. The hospital's cost accounting records showed that, if it had billed the HMO in accordance with its established billing rates, it would have billed the HMO $975,000. Prepare the appropriate journal entry (or entries) to record this transaction.

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