Homework Answers
1, Non-sufficient funds when the check amount does not have
enough money to make the transaction, that time banks offer
overdraft lines of credit when there are issues with insufficient
funds. It is revolving credit has a link with covered transactions
made with insufficient funds.
2, Collecting agency transactions provides a secondary payment
option for the patient within the time period legally when there is
a negative account.
3, Credit balance that medical billing company should provide a
dormancy period for outstanding credit balance that should be paid
with a specific time period.
4, Third-party payers are insurance companies, government payers
like Medicaid they, make payment for the patient but not 100%, but
the portion of the bill they pay as a responsible.
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Part II Describe the types of adjustments that would be made to patient accounts for the...
Describe the types of adjustments that would be made to patient accounts for the following 4...
Describe the types of adjustments that would be made to patient accounts for the following 4 situations. (NSF) or non-sufficient funds check, collection agency, transaction credit balance, third party
3. Identify precautions for accepting the following types of payments: a. cash, b. check, c. credit...
3. Identify precautions for accepting the following types of payments: a. cash, b. check, c. credit card, d. debit card. (VII.C.3) 4. Describe types of adjustments made to patient accounts including: a non-sufficient funds (NSF) check, b.collection agency transaction, c.credit balance, d. third party. (VII.C.4) 5. Identify types of information contained in the patient's billing record. (VII.C. 5) 6. Explain patient financial obligations for services rendered. (VIL.C.6)
1. Discuss the effects of : a. a) up-coding b. b) down -coding ? 2. Define...
1. Discuss the effects of : a. a) up-coding b. b) down -coding ? 2. Define as they relate to medical insurance: a. confidentiality b. ethics c. fraud d. abuse 3. Define medical necessity as it applies to procedural and diagnostic coding? 4. Describe types of adjustment that may be made to a patient's accounts including: a. non-sufficient funds(NSF) check b. collection agency transaction c. credit balance d. third-party
4. What are the pitfalls of fee adjustments? 5. What is professional courtesy and why is...
4. What are the pitfalls of fee adjustments? 5. What is professional courtesy and why is it less common now than in years past? 6. Briefly explain how "skips" can be traced 7. Match the following terms with the correct definition Terms Definitions A. Money that is expected but has not yet been received B. Fees applied to the patient account when services are rendered C.The management of debt incurred and not yet paid D. Money given to the provider...
Problem 4-3B Part 2 2. Record the necessary cash adjustments. (If no entry is required for...
Problem 4-3B Part 2
2. Record the necessary cash adjustments.
(If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account
field.)
Member FDIC 2252790471 July 31, 2021 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKIE Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO. Total NO. Total $7,600 3...
Types of Adjustments (each worth I point) Match the statements below with the appropriate terms by...
Types of Adjustments (each worth I point) Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided. A. Prepaid Expenses B. Unearned Revenues C. Accrued Revenues D. Accrued Expenses 1. Revenue not earned but money collected in advance. 2. Supplies that will be used in the next month. 3. An expense incurred but not yet paid or recorded. 4. Revenue earned but money not collected. 5. An expense not yet incurred but...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued expenses, and (4) accrued revenues. Select one specific adjusting entry that falls under one of the four types and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts. In order to receive full credit for your post you must reply to another students...
account - journal entry required 2 Bank service charge. 2. Decrease in the general ledger cash...
account - journal entry required 2 Bank service charge. 2. Decrease in the general ledger cash account - journal entry required The bank made an error Cheque#568 for $4800 was inadvertently processed as $8,400. The bank has been notified and will correct the error next month 3. Increase in balance per bank statement - no journal entry required 4. Decrease in balance per bank statement - no journal entry required Outstanding deposits. 5. No effect on the reconciliation - no...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following info...
Required information
Problem 8-4A Preparing a bank reconciliation and recording
adjustments LO P3
[The following information applies to the questions
displayed below.]
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,644 debit
balance, but its July bank statement shows a $28,407 cash
balance.
Check No. 3031 for $1,690 and Check No. 3040 for $837...
Part 2: Record the necessary cash adjustments Oscar's Red Carpet Store maintains a checking account with...
Part 2: Record the necessary cash adjustments
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,300 Checks: 1,900 2,800 3,700 1,200 $ 11,900 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $...
3. Identify precautions for accepting the following types of payments: a. cash, b. check, c. credit card, d. debit card. (VII.C.3) 4. Describe types of adjustments made to patient accounts including: a non-sufficient funds (NSF) check, b.collection agency transaction, c.credit balance, d. third party. (VII.C.4) 5. Identify types of information contained in the patient's billing record. (VII.C. 5) 6. Explain patient financial obligations for services rendered. (VIL.C.6)
4. What are the pitfalls of fee adjustments? 5. What is professional courtesy and why is it less common now than in years past? 6. Briefly explain how "skips" can be traced 7. Match the following terms with the correct definition Terms Definitions A. Money that is expected but has not yet been received B. Fees applied to the patient account when services are rendered C.The management of debt incurred and not yet paid D. Money given to the provider...
Problem 4-3B Part 2
2. Record the necessary cash adjustments.
(If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account
field.)
Member FDIC 2252790471 July 31, 2021 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKIE Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO. Total NO. Total $7,600 3...
Types of Adjustments (each worth I point) Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided. A. Prepaid Expenses B. Unearned Revenues C. Accrued Revenues D. Accrued Expenses 1. Revenue not earned but money collected in advance. 2. Supplies that will be used in the next month. 3. An expense incurred but not yet paid or recorded. 4. Revenue earned but money not collected. 5. An expense not yet incurred but...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued expenses, and (4) accrued revenues. Select one specific adjusting entry that falls under one of the four types and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts. In order to receive full credit for your post you must reply to another students...
account - journal entry required 2 Bank service charge. 2. Decrease in the general ledger cash account - journal entry required The bank made an error Cheque#568 for $4800 was inadvertently processed as $8,400. The bank has been notified and will correct the error next month 3. Increase in balance per bank statement - no journal entry required 4. Decrease in balance per bank statement - no journal entry required Outstanding deposits. 5. No effect on the reconciliation - no...
Required information
Problem 8-4A Preparing a bank reconciliation and recording
adjustments LO P3
[The following information applies to the questions
displayed below.]
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,644 debit
balance, but its July bank statement shows a $28,407 cash
balance.
Check No. 3031 for $1,690 and Check No. 3040 for $837...
Part 2: Record the necessary cash adjustments
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,300 Checks: 1,900 2,800 3,700 1,200 $ 11,900 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $...
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