accounting

Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred.

Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet recorded.
Utility expenses incurred but not paid prior to January 31 totaled $520.
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.
Purchased a one-year malpractice insurance policy on January 1 for $12,000.
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.

Date Description/Account Debit Credit
1. Jan.31 Accounts Receivable 875
Service Revenue 875
2. Jan. 31 Utilities Expense 520
Utilities Payable 520
3. Jan. 31 Depreciation Expense 400
Accum. Deprec.-Dental Equipment 400
(To record depreciation.)
Jan. 31 Interest Expense 500
Interest Payable 500
4. Jan. 31 Insurance Expense
Prepaid Insurance
5. Jan. 31 Supplies Expense
Supplies

How do i do this stuff

  1. 👍
  2. 👎
  3. 👁
  1. E3-8

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math fractions

    Jackie loves to cook fried foods. She recorded the total amount of oil that she used each month in the table below. In January she used 3/5 of the amount of oil that she used in Fedruary. Fill in the amount of oil that Jackie used

  2. Geometry

    1.Which choice shows a true conditional with a correctly identified hypothesis and conclusion? A. If next month is January, then this month is the last of the year. Hypothesis: This month is the last of the year. Conclusion: Next

  3. Art

    5.Frank lloyd wright's architecture is on a list for a consideration as a world heritage site because A.wright usually designed buildings for religious reasons. B.Wright pioneered a style of architecture that was in tune with

  4. Accounting

    As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each month’s sales are for cash.

  1. Business Math

    The company opened a special checking account. The charge for each check written was either .55 or $6 a month whichever is greater. At the beginning of the month, the company checkbook balance was $695.18. The company wrote 14

  2. Geometry plz help

    1.Which choice shows a true conditional with a correctly identified hypothesis and conclusion? •If next month is January, then this month is the last of the year. Hypothesis: This month is the last of the year. Conclusion: Next

  3. Language Arts HELP!

    Which of the following sentences contains a verb in the future perfect tense? A. Andy is going to walk home with Beth every afternoon. B. Andy has been walking home with Beth every afternoon. C. Andy will walk home with Beth

  4. Math

    beverly, chris, pat, and sandy are andy's mother, father, sister, and brother. Sandy, who is the oldest, is not andy's father. beverly is older than pat and chris. pat is not andy's sister. what is each persons relation to andy?

  1. Language Arts

    How does the writer support the statement that dental floss promotes good dental health?

  2. math

    Munoz Corporation estimated its overhead costs would be $23,600 per month except for January when it pays the $191,610 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected

  3. Accounting

    Rexford Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. January 1 January 31 Finished goods

  4. acc 205

    Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., experienced the following events: Jul 6 Smith invested $55,000 in the business by opening a bank account in

You can view more similar questions or ask a new question.