Danielle manning dds opened a dental practice on january 1

Reference no: EM13566500

Danielle Manning, D.D.S., opened a dental practice on January 1, 2012. During the first month of operations, the following transactions occurred.

1. Performed services for patients who had dental plan insurance. At January 31, $820 of such services was earned but not yet recorded.

2. Utility expenses incurred but not paid prior to January 31 totaled $603.

3. Purchased dental equipment on January 1 for $84,000, paying $22,700 in cash and signing a $61,300, 3-year note payable. (a) The equipment depreciates $420 per month.

(b) Interest is $613 per month.

4. Purchased a one-year malpractice insurance policy on January 1 for $25,020.

5. Purchased $1,662 of dental supplies. On January 31, determined that $377 of supplies were on hand. 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 Accounts Payable.

Reference no: EM13566500

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