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John Said:

Any advice on filing health insurance claims for TMJ?

We Answered:

Im not sure how to help you but I can tell you there are some insurances that pay for it. My husbands paid for mine and now my insurance pays. They paid on my visits, my mouthgaurd, x rays, and pain meds. Call your insurance and ask if there is a certain billing code they should be using or a special form they could use. couldnt hurt to try.

Judith Said:

Any advice on filing health insurance claims for TMJ?

We Answered:

I worked for one of the largest health insurance companies in my state - some of our policies paid for TMJ, some didn't. Just depended on how the employer set up the policy.

If your policy has a specific exclusion for TMJ treatment, there isn't much you can do.

However, if TMJ is not excluded on your policy, you should be able to get at least some of the bills covered. (Probably not full reimbursement, but something is better than nothing...right?)

If I recall correctly, some of the hangups I saw with TMJ claims going through the system tended to be that dentist bill in D-codes. However, your insurance company would likely expect a bill in CPT coding. It might sound silly, but something as simple as using a D-code vs. a CPT code can cause a claim to reject for something that might actually be covered.

(The coding info won't do you any good if TMJ is completely excluded from your policy, of course. But it can be an issue if TMJ is not excluded but you're just having trouble getting claims to go through the system.)

Lorraine Said:

Accounting problem of Pharma?

We Answered:

a) Debit Cash 57,000; Credit Prepaid Rent Income 57,000
Adj. Entry: Debit Prepaid Rent Income; 19,000 (4 months rent) Credit Rent Income

b) Debit Wages Expense 42,000; Credit Cash 42,000
Adj. Entry: Debit Wages Expense 21,000 (1 weeks wages); Credit Wages Payable 21,000

c) Debit Prepaid Insurance 960,000; Credit Cash 960,000
Adj. Entry: Debit Insurance Expense 320,000 (for 8 months); Credit Prepaid Insurance 320,000

d) Debit Inventory 728,000; Credit Accounts Payable 728,000
Since we don't know how much inventory was used, there is no adjusting entry

e) Debit Equipment 728,000; Credit Cash 728,000
Adj Entry: Debit Depreciation Expense 72,800 (for 6 months); Credit Accum. Depr. 72,800

f) Debit Dividends Declared 1,143,000; Credit Dividends Payable 1,143,000
June 15, entry: Debit Dividends Payable 1,143,000 Credit Cash 1,143,000

Erica Said:

ULIP surrender charges?

We Answered:

"According to the latest circular, surrender of a Ulip before the completion of six years will attract a maximum charge of 2.5 per cent. This provision is applicable only for Ulips having a policy term of more than 10 years. Holders of Ulips of less than 10 years maturity, however, can get the full fund value on surrender of the policy after five years"

Based on the above, talk to your branch before withdrawing.

Dave Said:

adjusting journal entries?

We Answered:

a. The $200,000 notes payable is a revolving line of credit with no principle payments due until 2011. It has a stated rate of 8.5% and was outstanding all year. Interest will be paid at the time of the principal payment. (Considered part of ‘Other Expense’)
8.5% x 200,000 = 17,000
Dr Other Expense 17,000
Cr Other Expense Payablen 17,000

b. The premiums for the prepaid insurance policies listed on the balance sheet were paid on September 1, 2009 and cover the period October 1, 2009 through September 30, 2011. Originally the entire amount was recorded in the prepaid insurance account. (Note the dates)
From balance sheet: prepaid insurance for 2009 was 47,250.
At the end of 2009 there are only 21 months left of prepaid insurance. Since the ending balance was 47,250, the monthly expense is 47,250 / 21 = 2,250. For the year, the expense is 2,250 x 12 = 27,000.

Dr Insurance Expense 27,000
Cr Prepaid Insurance 27,000

c. The company expects to pay federal income taxes of $98,020 related to its 2010 income. These taxes will be paid in 2011.
From balance sheet: income tax payable (2009)- 60,090
It wouldn't matter what the 2009 balance sheet amount is.
Dr Federal Income Tax Expense 98,020
Cr Federal Income Tax Payable 98,020

d. The company owes employees $32,640 for wages as of December 31, 2010. The wages will not be paid until January 2011.
Dr Wages Expense 32,640
Cr Wages Payable 32,640

e. A physical count of the supplies indicated that the company had $26,000 on hand as of December 31, 2010.
From balance sheet: inventory- $244K IN 2009.
From other JR entries: purchased inventory on account for $563k
Sold $583,200 of inventory
It looks like you may have your terms mixed up. Supplies is not the same as inventory. Go back to your financial statements. Look for the 2009 ending balance of Supplies, add any purchases of Supplies made in 2010, then subtract 26,000. This will be your Supplies Expense.
Dr Supplies Expense xxxxxx
Cr Supplies xxxxxx

f. The $26,000 note receivable accepted in payment of an account receivable on November 1, 2010 (see viii. in Part A) specifies an annual interest rate of 8 percent. Interest will be received on May 1, 2011. (Round answer to the nearest dollar). (This is considered ‘Other Revenue’)
26,000 x 8% x 2/12 = 347
Dr Other Revenue 347
Cr Other Revenue Receivable 347

g. At the time it was purchased, the equipment had an estimated total useful life of ten years and zero salvage value, and machinery had an estimated total useful life of eight years and zero salvage value. The patent originally had an estimated useful life of six years. The company uses the straight-line method to depreciate and amortize all PP&E and intangibles. You do NOT use accumulated depreciation to figure the depreciation expense for the current period.

Without knowing the purchase price of these assets, it is impossible to calculate the answers. But the format would be:
Dr Depreciation Expense, Equipment xxxxx
Cr Accumulated Depreciation, Equipment xxxxx

Dr Depreciation Expense, Machinery xxxxx
Cr Accumulated Depreciation, Machinery xxxxx

Dr Amortization, Patent xxxxx
Cr Accumulated Amortization, Patent xxxxx

Elsie Said:

Any advice on filing health insurance claims for TMJ?

We Answered:

i had my tmj disorder treated for years from an oral surgeon & tmj specialist. it was ALL covered by medical insurance because it was considered medical NOT dental (in ny & pa). I only paid a $15-20 copay even when i had surgery 3 years later. my insurance was through blue cross blue shield.
good luck!

Diane Said:

Imp: Query on accounting. Please respond.?

We Answered:

1. Need to make year end adjustment for depreciation. Since a method was not specified, I would assume straight line depreciation: (cost-salvage)/life.
Depreciation Exp 145600
Accumulated Depreciation 145600

2. Dividend declared entry:
Dividends 1120000
Dividends Payable 1120000

Dividend paid entry:
Dividends payable 1120000
Cash 1120000

Closing entry:
Retained Earnings 1120000
Dividends 11200000

3. Need to accrue an expense/payable for the days worked before June 30th that have not been paid. There is one week between the last pay date and the year end, so half of the 2 weeks should be accrued.
Salaries (Wages) Expense 21000
Salaries (Wages) Payable 21000

4. A date is missing here. Need to know the date that the policy was active/paid in order to determine the correct expense/prepaid asset. If the transaction was made June 30th then there would be no expense
Prepaid Insurance 960000
Cash 960000

5. This entry should have been made on June 15 to recognize the purchase:
Inventory (purchases) 235000
Accounts Payable 235000

Since it has not been paid, there is no adjustment. Now if there is more information to this problem (such as they recorded a disbursement of cash or something) you will have to adjust the entry to make it match the above.