Reference no: EM132681239
Question - Betty Harris, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.
1. Performed services for patients who had dental plan insurance. At January 31, $870 of such services were performed but not yet recorded.
2. Utility expenses incurred but not paid prior to January 31 totaled $650.
3. Purchased dental equipment on January 1 for $80,000, paying $25,000 in cash and signing a $55,000.0, 3-year note payable. The equipment depreciates $400.0 per month. Interest is $550 per month.
4. Purchased a one-year malpractice insurance policy on January 1 for $21,600.
5. Purchased $1,600 of dental supplies. On January 31, determined that $300 of supplies were on hand.
Required - Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable.
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