2. For each of the following provide account names that a company might need to

ID: 2341746 • Letter: 2

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2. For each of the following provide account names that a company might need to track the desired information. Note-There will be AT LEAST 2 accounts for each situation, maybe even more A dentist office will purchase items such as gauze, tape, swabs etc. to be used on patients. The office will purchase these items from a supplier who will deliver the items order and bill for payment later. The office would like to be able to track the value of the items they have on hand (unused) as well as the items they have used. They also would like to keep track of what they owe the s a. Because the dental office will accept insurance coverage from its patients, patients will not have to pay cash on their date of service but will be billed later once insurance coverage has been determined and verified. The office would like to track how much they expect to collect from their patients in the future. b. The dental office will need to pay for malpractice insurance policy every 6 months before the period of coverage. The office would like to know the value of its future coverage c. d. The dental office will offer a discount to customers who pay upfront, before, they have cosmetic work done (not covered by insurance). The office wants to track the services owed these patients ushy uncameol roeni The dental office intends to pay its employees for the week's work every Friday of the subsequent week. (In other words, when they work Monday through Friday of this week, they will get paid Friday of next week). The office wants to track how much they owe their employees between pay days. e.

Explanation / Answer

a. Dental supplies, Accounts payable

b. Accounts receivable, Service revenue

c. Prepaid insurance, Cash

d. Cash, Unearned revenue

e. Salary expense, Salary payable

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2. For each of the following provide account names that a company might need to

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