Describe the seven main steps for maintaining a petty cash

Reference no: EM131952738

PART I

1. Discuss what a petty cash fund is and its purpose within a medical practice.

2. Describe the seven main steps for maintaining a petty cash fund.

3. Your response should be well supported through both textbook and supplemental readings. Complete this exercise in short essay form and adhere to APA format including references.

PART 2

Your task is to demonstrate your knowledge of book keeping procedures by accurately completing a patient ledger card. Please follow the steps below:

Patient Name: John Rivers
Address: 83 Pine view Drive, Westville, NH 01550
Home Phone: 407-555-6219, Work Phone: 407-555-1258
Patient #: RIVJ125
Mr. Rivers has Select HMO for health insurance and he is an established patient of the practice.

Add the following entries to his ledger card. Use one line per entry. Be sure to update the new running balance after each line is completed. Ref# column is only used to log a check #. Otherwise, leave this column blank.
Starting Current Balance is $50.00 carried over from a previous service.

Line 1: DOS: 3/8/20XX Patient came in for a Stress Test, Total Charges: $153.00, patient paid $15, no adjustments made at this time. Calculate new balance

Line 2: DOS: 5/4/20XX Patient presented for an office visit, Total Charges: $75.00, patient paid $10 by check. Ch# 1766, no adjustments made at this time. Calculate the new balance

Line 3: 5/29/20XX Insurance payment of $133.00, Check # 125552, office made an adjustment of $5.00. Calculate the new balance

Line 4: 5/30/20XX Based on insurance contract, an additional adjustment of $15.00 is required. Description should be Insurance Adjustment. Calculate new balance.

Line 5: 6/1/20XX Statement sent to patient for the current balance on account.

Attachment:- Template.zip

Reference no: EM131952738

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