Monty Weller, D.D.S., opened a 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, $729 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 $556.3.Purchased dental equipment on January 1 for $74,000, paying $22,000 in cash and signing a $52,000, 3-year note payable. (a) The equipment depreciates $379 per month. (b) Interest is $510 per month.4.Purchased a one-year malpractice insurance policy on January 1 for $12,480.5.Purchased $1,566 of dental supplies. On January 31, determined that $520 of supplies were on hand.
? 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 Utilities Payable.
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