Reference no: EM13746966
Jim Haught, D.D.S., opened an incorporated dental practice on January 1, 2014. During the first month of operations, the following transactions occurred.
1. Performed services for patients who had dental plan insurance. At January 31, $930 of such services was completed but not yet billed to the insurance companies.
2. Utility expenses incurred but not paid prior to January 31 totaled $800.
3. Purchased dental equipment on January 1 for $87,720, paying $28,010 in cash and signing a $59,710, 3-year note payable (interest is paid each December 31). The equipment depreciates $510 per month. Interest is $540 per month.
4. Purchased a 1-year malpractice insurance policy on January 1 for $36,000.
5. Purchased $2,190 of dental supplies (recorded as increase to Supplies). On January 31, determined that $660 of supplies were on hand.
Prepare the adjusting entries on January 31.
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: Jim Haught, D.D.S., opened an incorporated dental practice on January 1, 2014. During the first month of operations, the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $930 of such servi..
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