By Steven A. Finkler
Accounting basics for well-being Care administration is the perfect textual content for an introductory direction in monetary administration in either undergraduate and graduate courses. As so much classes specialize in uncomplicated accounting, this is often the 1st publication that makes a speciality of simple accounting. All instance and purposes during this e-book are particular to the sphere of well-being care. This publication is a necessary for a person with a division and the cheap.
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Asset that we have and to increase a liability, A/P. Do we record the newly purchased inventory at $30,000 or the amount we will ultimately get paid? According to the cost principle, we must value inventory at what it cost even though it will be used to generate revenues that are greater than that amount. ∆A Inv + 30,000 + ∆E = ∆L + ∆R = A/P + 30,000 Dr. Inventory $30,000 Accounts Payable Cr. $30,000 5. April 16. Cash of $28,000 is received from third-party payers for services provided to patients last year.
We can treat this as two transactions. The first transaction relates to the revenue and the second to the expense. First, we have generated patient service revenue (PSR) of $112,000, so we have to record revenue of $112,000. We haven’t been paid yet, so we have an account receivable of $112,000. This leaves the accounting equation in balance. The second transaction concerns inventory and expense. To provide the service, we used some of our inventory. Thus, we have less inventory on hand. This reduction in inventory is offset in the accounting equation by a corresponding inventory expense.
For example, we might begin with the equation looking like: A = L + NA $300,000 = $200,000 + $100,000 If we were to borrow $40,000 from the bank, we would have more cash—assets would increase by $40,000—and we would owe money to the bank. Our liabilities would increase by $40,000. Now the equation would be: A = L + NA $340,000 = $240,000 + $100,000 The equation is in balance. Compare this equation to the previous one. Two numbers in the equation have changed. Double entry signifies that it is not possible to change one number in an equation without changing at least one other number.