The Following Accounts and Balances Are Taken from Martin Company's

question 170

Multiple Choice

The following accounts and balances are taken from Martin Company's adjusted trial balance: In the closing process, which accounts are credited?

• A)Accounts Payable, Prepaid Insurance
• B)Service Revenue, Interest Revenue
• C)Depreciation Expense, Insurance Expense, Salary Expense
• D)Accumulated Depreciation, Insurance Expense, Salary Expense, Dividends

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Definitions:

Copayment

A fixed amount that a healthcare beneficiary pays for covered medical services, usually at the time of receiving the service.

Capitated Payment

A payment arrangement in healthcare where a provider is paid a set amount for each enrolled person assigned to them, regardless of the number of services provided.

Medical Provider

An individual or institution that offers healthcare services to patients.

Primary Payer

The insurance policy or program that pays first on a claim for medical care, determining the extent of coverage before any secondary payer contributes.