Current Attempt in Progress Kimberly Young. D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. 2. 3. 4. 5. Performed services for patients who had dental plan insurance. At January 31, $800 of such services was completed but not yet billed to the insurance companies. 1. Utility expenses incurred but not paid prior to January 31 totaled $700. Purchased dental equipment on January 1 for $82,000, paying $21,000 in cash and signing a $61,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $410 per month. Interest is $610 per month. Purchased a 1-year malpractice insurance policy on January 1 for $23,400. Purchased $1,700 of dental supplies (recorded as increase to Supplies). On January 31, determined that $400 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 Utilities Payable. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Date Account Titles and Explanation Jan. 31 Debit Credit
Current Attempt in Progress Kimberly Young. D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. 2. 3. 4. 5. Performed services for patients who had dental plan insurance. At January 31, $800 of such services was completed but not yet billed to the insurance companies. 1. Utility expenses incurred but not paid prior to January 31 totaled $700. Purchased dental equipment on January 1 for $82,000, paying $21,000 in cash and signing a $61,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $410 per month. Interest is $610 per month. Purchased a 1-year malpractice insurance policy on January 1 for $23,400. Purchased $1,700 of dental supplies (recorded as increase to Supplies). On January 31, determined that $400 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 Utilities Payable. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Date Account Titles and Explanation Jan. 31 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Kimberly Young. D.D.S. opened a dental practice on January 1, 2022. During the first month of operations, the following transactions
occurred.
1.
2.
3.
4.
5.
No.
1.
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. (List all debit entries before credit entries. Credit account titles are automatically indented
when the amount is entered. Do not indent manually)
2.
N
Performed services for patients who had dental plan insurance. At January 31, $800 of such services was completed but not
yet billed to the insurance companies.
Utility expenses incurred but not paid prior to January 31 totaled $700.
Purchased dental equipment on January 1 for $82,000, paying $21,000 in cash and signing a $61.000, 3-year note payable
(interest is paid each December 31). The equipment depreciates $410 per month. Interest is $610 per month.
Purchased a 1-year malpractice insurance policy on January 1 for $23,400.
Purchased $1,700 of dental supplies (recorded as increase to Supplies). On January 31, determined that $400 of supplies
were on hand.
Date Account Titles and Explanation
Jan. 31
Jan. 31
Debit
Credit
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