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Record each transaction into the T account The first one is given as an example Bought...

Record each transaction into the T account
The first one is given as an example
Bought an insurance policy for $1,000
Prepaid Insurance Cash
$1,000 $1,000
Bought medical supplies for $5,000 and paid cash
Bought medical supplies of $2,000 and used Mastercard
Billed Insurance company (third party) for services rendered $6,000
Recorded $7,000 of revenue from patients who paid cash
Received and paid the charge card $2,000 from the transaction in which it was charged (above)
Received $3,000 FROM Insurance company previouslybilled above

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Expert Solution

Answer: T-accounts

Answer: T-accounts

ekkarill92 answered 2 years ago
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