Account titles are accumulated depreciation dental equipment

Assignment Help Accounting Basics
Reference no: EM131138933

Andy Wright, D.D.S., opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred.

1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet recorded.

2. Utility expenses incurred but not paid prior to January 31 totaled $520.

3. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month.

4. Purchased a one-year malpractice insurance policy on January 1 for $12,000.

5. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand.

Instructions

Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation-Dental Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable. 

Reference no: EM131138933

Questions Cloud

Describe the historical development and background of issue : Describe current trends related to the issue; headlines and feature articles within last 5 years. Identify and describe the significance of issue to the nursing profession and professional nursing practice in today's work environment
The trial balance for pioneer advertising agency : The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 100. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.
Contributed to the field of consumer behavior : What type of psychological research has contributed to the field of consumer behavior in respect of marketing? Select a company that you are familiar with and apply at least one of these concepts in your response. Provide qualitative data that suppor..
Outlining main goals and recommendations for product : Prepare and Executive Summary (Cover Memo) outlining the main goals and recommendations for the product(s) or services. The business is a non medical in home care agency. The name of the company is Senior's First Choice and the owner is Vanesia Cohan
Account titles are accumulated depreciation dental equipment : Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable.
Describe the ethical problems raised by the jahi mcmath case : Reflection paper - 4 pages or less; "Describe the ethical problems raised by the Jahi McMath case. Take a position. what was the right answer? Defend your position." "be very specific and straight forward".3 or more sources.
Analysis of one firm competitive advantage and culture : Write an analysis of one firm‘s competitive advantage, culture, and ethics incorporating Porter‘s Diamond Model, Hofstede‘s Dimensions of Culture, and the Transparency International Corruption Rankings. Based on your analysis, conclude with a brief d..
Designing and implementing a financial information system : The following situations involve the provision of non-audit services. Indicate whether providing the service is a violation of AICPA rules or SEC rules including Sarbanes-Oxley requirements on independence. Explain your answer as necessary.
Difference between cultural issue and ethical issue : Based on the Scripture readings, what kinds of categories should we put people in (see Genesis 10)? What is the difference between a cultural issue and an ethical issue? Think of two or three examples. Based on the passages from 1 Corinthians, how sh..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Regression model to predict february charges

a) Build a regression model to predict February charges from January charges. b) How much, on average, will cardholders who charged $2000 in January charge in February?

  Picksy company owns equipment that cost 38250 when

picksy company owns equipment that cost 38250 when purchased on 1 january 2009. it has been depreciated using the

  Two alternative interpretations of this transaction are 1 a

1. julia currently is considering the purchase of some land to be held as an investment. she and the seller have agreed

  Included with the cancelled checks was a check issued by

on may 31 sosa company had a cash balance per books of 6781.50. the bank statement from sandwich community bank on that

  Sue the corporate controller has thus far been impressed

sue the corporate controller has thus far been impressed with your performance at the charlotte plant. she thinks it

  Kelley company reports 960000 of net income for 2013 and

kelley company reports 960000 of net income for 2013 and declares 120000 of cash dividends on its preferred stock for

  Employees benefit from alternative work arrangements

How can employees benefit from alternative work arrangements? How can employers benefit from alternative work arrangements? What are some of the possible negative outcomes for employers and/or employees regarding alternative work arrangements?

  Management is considering the discontinuance of the

management is considering the discontinuance of the manufacture and sale of product g at the beginning of the current

  Determining the depletion expense

The estimated residual value of the property is $80,000. During 2009, the company extracted and sold 4,000 tons of ore. The depletion expense for 2009 is:

  Income statement for the wickscorporation

Wicks Corporation began operations on January 1, 2010. At the end of 2010, the company reported pretax financial income of $60,000 and taxable income of $57,700, due to two temporary differences. The income tax rate is 30% for 2010 through 2012, but ..

  Maserati corporation purchased a new machine for its

maserati corporation purchased a new machine for its assembly process on august 1 2010. the cost of this machine was

  Loreal-american corporation purchased several marketable

loreal-american corporation purchased several marketable securities during 2013. at december 31 2013 the company had

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd