A patient has paid a $20 payment on their account. The clinical medical assistant should identify that this payment will be applied to which of the following?
Understand the Problem
The question is asking which accounting term should the clinical medical assistant identify for a $20 payment made by a patient. The options presented include accounts payable, collections, accounts receivable, and adjustments.
Answer
Accounts Receivable
The payment should be applied to Accounts Receivable.
Answer for screen readers
The payment should be applied to Accounts Receivable.
More Information
Accounts Receivable is an account that tracks money owed to a practice. Patient payments reduce this balance, effectively indicating expected revenue already received.
Tips
Confusing accounts payable with accounts receivable, as both involve payments. Accounts payable is for amounts the practice owes to others.
Sources
AI-generated content may contain errors. Please verify critical information
