spoon236
May 30, 2007, 06:47 PM
Need help preparing adjusting entries.
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 $630.
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 $21,000.
5. Purchased $1600 of dental supplies. On January 31, determined that $600 of supplies were on hand.
The dental practice opened January 1, 2006. During the first month of operations these 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 $630.
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 $21,000.
5. Purchased $1600 of dental supplies. On January 31, determined that $600 of supplies were on hand.
The dental practice opened January 1, 2006. During the first month of operations these transactions occurred.