[barbarabright1]

Andy Wright, DDS opened a dental practice on January 1, 2008. During the first mont of operations the following 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 expense incurred but not paid prior to January 31 totaled $520.
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 moneth. Interest is $500 per month.
4. Purchased a one-ear malpractice insurance policy on January 1 for $12,000.
5.Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand.

Prepare adjusting entries on January 31, use account titles are: Accumulated Depreciation, Dental Equipment, Depreciation Expense,Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable.

[JudyKayTee]

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