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property owned or controlled by a business, includes:
land, buildings, fixtures and furnishings
medical or office equipment
money
accounts receivable
stocks, bonds and investments |
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debt obligation of the business, icludes:
accoutns payable
bank debts |
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amount by which assets exceed liabilities; net worth. Includes:
revenue (assets in)
expense (assets out)
drawing (personal use of assets) |
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| Liabiility + Owner's Equity |
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oldest and simplest bookkeeping method. Includes 3 basic records:
1. Journal
2. Cash payment journal
3. Accounts receivable ledger |
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| also called daily log, daybook, day sheet, or charge journal: records of charges and receipts are entered daily |
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| simple form of a checkbook |
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| accounts receivable ledger |
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| record of the amounts that patients owe the office; each patient has his or her own card; statments are prepared manually from these cards |
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| also called a write-it-once system |
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fees that patients owe for services performed
accounts classified according to amount of time that balance remains unpaid |
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| the time to be spent and the degree of difficulty of the service |
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| Once an account is given to a collection agency, the clinic... |
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| may not continue collection efforts, all future payments on the account should go to the agency |
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