Question

Think about a veterinary practice. In the left column of the table below, list the accounts you think would be required in the business's Chart of Accounts. In the middle column, indicate the account type for each account listed and in the right column, indicate whether the normal balance for each account would be a debit or a credit. Account Name Account Type Normal Balance

Answer 1

Account Name	Account Type	Normal Balance
Vaccine Revenue	Revenue	Credit
Examination Revenue	Revenue	Credit
Hospitalization & Treatment Revenue	Revenue	Credit
Diagnostic Services Revenue	Revenue	Credit
Rehabilitation Revenue	Revenue	Credit
Mortuary Revenue	Revenue	Credit
Other Revenue	Revenue	Credit
Pharmacy Revenue	Revenue	Credit
Vaccine Costs	Expenses	Debit
Examination, Hospitalization, & Treatment Costs	Expenses	Debit
Rehabilitation Costs	Expenses	Debit
Animal Disposal/Mortuary Costs	Expenses	Debit
Other Costs	Expenses	Debit
Bank Account	Current Assets	Debit
CashAccount	Current Assets	Debit
Inventory of Drugs/Medical supplies	Current Assets	Debit
Accounts Receivable	Current Assets	Debit
Staff Advances	Current Assets	Debit
Prepaid Expenses	Current Assets	Debit
Advances and Deposits	Current Assets	Debit
Land	Fixed Assets	Debit
Building	Fixed Assets	Debit
Medical Equipments	Fixed Assets	Debit
Computer Hardware and Software	Fixed Assets	Debit
Vehicles	Fixed Assets	Debit
Accumulated Depreciation	Fixed Assets	Debit
Other Assets	Assets	Debit
Owners Equity	Liabilities	Credit
Retained Earnings	Liabilities	Credit
Long term Debt	Liabilities	Credit
Short Term Debt	Current Liabilities	Credit
Deferred Revenue	Liabilities	Credit
Accounts Payable	Current Liabilities	Credit
Loans and Advances	Current Liabilities	Credit
Employee payroll liabilities	Current Liabilities	Credit
Other Tax liabilites	Current Liabilities	Credit
other liabilities	Liabilities	Credit