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.
