User Account

All Pages

Make the adjustments on January

Assignment Help Accounting Basics
Reference no: EM132482090

Question - Sheridan Company, opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.

1. Performed services for patients who had dental plan insurance. At January 31, $780 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 $610.

3. Purchased dental equipment on January 1 for $89,500, paying $28,150 in cash and signing a $61,350, 3-year note payable (interest is paid each December 31). The equipment depreciates $450 per month. Interest is $730 per month.

4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000.5.Purchased $2,380 of dental supplies (recorded as increase to Supplies). On January 31, determined that $620 of supplies were on hand.

Required - Make the adjustments on January 31 and record them in the tabular summary that follows.

Reference no: EM132482090

Questions Cloud

Determine the dollar value of cost of goods sold : Sales were 530 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May
Discuss any short or long term mitigation necessary : Discuss chemical incompatibility and interactions relevant to this incident. Discuss any short or long term mitigation necessary. Identify all hazardou material
What is the correct adjusted ending cash balance : Annapolis Company's bank statement indicated an ending cash balance of $8,140. What is the correct adjusted ending cash balance
Do renewable energy applications need to very large in order : Do renewable energy applications need to be very large in order to work? Why or why not? Do you think larger systems are more energy efficient than smaller ones
Make the adjustments on January : Sheridan Company, opened an incorporated dental practice on January 1, 2017. Make the adjustments on January 31 and record them in the tabular summary
Factors affecting product marketing : Factors affecting product marketing: How can countries use national culture to help them promote major exports - how can an organisation
Discuss merits of disposing of municipal solid waste : Discuss the relative merits of disposing of Municipal Solid Waste via Landfill and Incineration. The potential contribution of "Energy from Waste" technology
At what price was the bond issued : Franklin Corporation issued a $100,000 bond that matures in five years. The bond pays interest twice per year, on June 30. At what price was the bond issued
What prior and similar campaign efforts are noteworthy : Identify any sponsoring organizations you plan to collaborate with in developing and implementing your campaign. These may be local or national

Reviews

Write a Review

Accounting Basics Questions & Answers

  Preparing the monthly bank reconciliation

Identifying Internal Control Weaknesses in Descriptions of Cash Payment Processes Each situation below describes an internal control weakness.

  Crockett company had a beginning work in process inventory

crockett company had a beginning work in process inventory balance of 33067. during the year 77000 of direct materials

  Supplies earthmoving and construction equipment

Sable Inc. is a company based in San Francisco, CA, that manufactures and supplies earthmoving and construction equipment. Sable either sells the equipment to customers or leases it under terms specific to a customer's needs. Buildit Inc. is a gro..

  Determine record the expense or write the check tomorrow

Determine record the expense or write the check tomorrow? how would the company be affected if the check is written and the invoice end up being erroneous?

  Compute the equivalent units for materials costs

Bears, Inc., adds materials at the beginning of the process in Department MO. Compute the equivalent units for materials costs AND for conversion costs

  Prepare the journal entries for randa to record the loan

Prepare the journal entries for Randa to record the loan on January 1, 2011, and the four payments from December 31, 2011, through December 31, 2014.

  Record the journal entries for first interest payment due

Record the journal entries for the first interest payment due, Use the straight line method of amortization of any bond premium or discount

  Determine the absorption costing net operating income

The company's variable costs per unit and total fixed costs have been constant from month to month. Determine the absorption costing net operating income

  Initial investors against the cpa firm

A cpa firm has audited the financial statements included in a form s-1 filed with the sec under the securities act of 1993. shortly thereafter, the company went bankrupt and a class action lawsuit was filed by the initial investors against the cpa..

  What retirement plan are contributions to a simple ira made

Employer establishes a SIMPLE IRA for each employee's retirement. What retirement plan are contributions to a SIMPLE IRA made?

  Evaluate the cfe certification

"Navigate to the ACFE website and evaluate the CFE certification and discuss why the CFE skill sets are becoming more and more valued both within the corporate structure on external audit teams".

  Discuss remote possibility of becoming an actual liability

A contingency was evaluated at year-end and considered to have a remote possibility of becoming an actual liability

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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