Nancy Jackson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $771 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $548. 3. 4. 5. Purchased dental equipment on January 1 for $77,000, paying $20,000 in cash and signing a $57,000, 3-year note payable. (a) The equipment depreciates $376 per month. (b) Interest is $460 per month. Purchased a one-year malpractice insurance policy on January 1 for $12,720. Purchased $1,732 of dental supplies. On January 31, determined that $490 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 Expenses, and Accounts Payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. 3. (a) 3. (b) 4. 5.
Nancy Jackson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $771 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $548. 3. 4. 5. Purchased dental equipment on January 1 for $77,000, paying $20,000 in cash and signing a $57,000, 3-year note payable. (a) The equipment depreciates $376 per month. (b) Interest is $460 per month. Purchased a one-year malpractice insurance policy on January 1 for $12,720. Purchased $1,732 of dental supplies. On January 31, determined that $490 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 Expenses, and Accounts Payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. 3. (a) 3. (b) 4. 5.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3PB
Related questions
Question
Transcribed Image Text:Nancy Jackson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions
occurred.
1.
Performed services for patients who had dental plan insurance. At January 31, $771 of such services was performed but not
yet billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31 totaled $548.
3.
4.
5.
Purchased dental equipment on January 1 for $77,000, paying $20,000 in cash and signing a $57,000, 3-year note payable.
(a) The equipment depreciates $376 per month. (b) Interest is $460 per month.
Purchased a one-year malpractice insurance policy on January 1 for $12,720.
Purchased $1,732 of dental supplies. On January 31, determined that $490 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 Expenses, and Accounts Payable. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Transcribed Image Text:No.
Account Titles and Explanation
Debit
Credit
1.
2.
3. (a)
3. (b)
4.
5.
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