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Sandra Robinson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1. 2. 3. 5. 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 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. N Performed services for patients who had dental plan insurance. At January 31, $784 of such services was performed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $477. Purchased dental equipment on January 1 for $72,000, paying $22,000 in cash and signing a $50,000, 3-year note payable. (a) The equipment depreciates $361 per month. (b) Interest is $550 per month. Purchased a one-year malpractice insurance policy on January 1 for $13,080. Purchased $1,493 of dental supplies. On January 31, determined that $470 of supplies were on hand. 3. (a) 3. (b) 4 5. Debit Credit T

Sandra Robinson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1. 2. 3. 5. 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 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. N Performed services for patients who had dental plan insurance. At January 31, $784 of such services was performed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $477. Purchased dental equipment on January 1 for $72,000, paying $22,000 in cash and signing a $50,000, 3-year note payable. (a) The equipment depreciates $361 per month. (b) Interest is $550 per month. Purchased a one-year malpractice insurance policy on January 1 for $13,080. Purchased $1,493 of dental supplies. On January 31, determined that $470 of supplies were on hand. 3. (a) 3. (b) 4 5. Debit Credit T

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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Sandra Robinson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1. 2. 3. 5. 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 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. N Performed services for patients who had dental plan insurance. At January 31, $784 of such services was performed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $477. Purchased dental equipment on January 1 for $72,000, paying $22,000 in cash and signing a $50,000, 3-year note payable. (a) The equipment depreciates $361 per month. (b) Interest is $550 per month. Purchased a one-year malpractice insurance policy on January 1 for $13,080. Purchased $1,493 of dental supplies. On January 31, determined that $470 of supplies were on hand. 3. (a) 3. (b) 4 5. Debit Credit T
Transcribed Image Text:Sandra Robinson, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1. 2. 3. 5. 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 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. N Performed services for patients who had dental plan insurance. At January 31, $784 of such services was performed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $477. Purchased dental equipment on January 1 for $72,000, paying $22,000 in cash and signing a $50,000, 3-year note payable. (a) The equipment depreciates $361 per month. (b) Interest is $550 per month. Purchased a one-year malpractice insurance policy on January 1 for $13,080. Purchased $1,493 of dental supplies. On January 31, determined that $470 of supplies were on hand. 3. (a) 3. (b) 4 5. Debit Credit T
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