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.
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