Prepare the adjusting entries on january

Reference no: EM131971759

Problem

Robin Shalit, D.D.S., opened a dental practice on January 1, 2015. During the first month of operations, the following transactions occurred.

1. Performed services for patients who had dental plan insurance. At January 31, $803 of such services were performed but not yet recorded.

2. Utility expenses incurred but not paid prior to January 31 totaled $678.

3. Purchased dental equipment on January 1 for $86,000, paying $28,200 in cash and signing a $57,800, 3-year note payable. (a) The equipment depreciates $430 per month. (b) Interest is $578 per month.

4. Purchased a one-year malpractice insurance policy on January 1 for $22,212.

5. Purchased $1,641 of dental supplies. On January 31, determined that $398 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: EM131971759

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