Homework Help: ACCOUNTING CONFUSED!! HELP

Posted by Michelle on Thursday, September 3, 2009 at 3:37pm.

Andy Wright,D.D.S., opened a dental practice on January 1, 2008. During the first month
of operations the following transactions occurred.
1. Performed services for patients who had dental plan insurance. At January 31, $875 of such
services was earned but not yet recorded.
2. Utility expenses incurred but not paid prior to January 31 totaled $520.
3. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a
$60,000, 3-year note payable.The equipment depreciates $400 per month. Interest is $500 per
month.
4. Purchased a one-year malpractice insurance policy on January 1 for $12,000.
5. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on
hand.
Instructions
Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation—
Dental Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance
Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense,
Utilities Expense, and Utilities Payable.

Responses

ACCOUNTING CONFUSED!! HELP - SraJMcGin, Thursday, September 3, 2009 at 5:49pm
You might want to peruse some of the sites here for clarification:

http://www.google.com/search?hl=en&client=firefox-a&rls=org.mozilla:en-US:official&hs=0Gf&ei=0jmgSvOiFIvyMdrgsPQP&sa=X&oi=spell&resnum=0&ct=result&cd=1&q=adjusting+entries+in+accounting,+tutorial&spell=1

Sra

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