Mark Bennett, D.D.S., opened an incorporated dental practice on January 1, 2010. During the first month of operations the following transactions occurred:
Performed services for patients who had dental plan insurance. At January 31, $755 of such services was earned but not yet billed to the insurance companies.
Utility expenses incurred but not paid prior to January 31 totaled $586.
Purchased dental equipment on January 1 for $84,520, paying $23,080 in cash and signing a $61,440, 3-year note payable (Interest is paid each December 31). The equipment depreciates $509 per month. Interest is $532 per month.
Purchased a 1-year malpractice insurance policy on January 1 for $26,664.
Purchased $2,806 of dental supplies (recorded as increase to Supplies). On January 31 determined that $732 of supplies were on hand.
Prepare the adjusting entries on January 31.
Performed services for patients who had dental plan insurance. At January 31, $755 of such services was earned but not yet billed to the insurance companies.
Utility expenses incurred but not paid prior to January 31 totaled $586.
Purchased dental equipment on January 1 for $84,520, paying $23,080 in cash and signing a $61,440, 3-year note payable (Interest is paid each December 31). The equipment depreciates $509 per month. Interest is $532 per month.
Purchased a 1-year malpractice insurance policy on January 1 for $26,664.
Purchased $2,806 of dental supplies (recorded as increase to Supplies). On January 31 determined that $732 of supplies were on hand.
Prepare the adjusting entries on January 31.