1. Chen's Dental Practice opened on January 1, 2017. During the first month of opera. tions, the following transactions occurred. 1. Performed services for patients totaling HK$7,850, which has not yet been recorded. 2. Utility expenses incurred but not paid prior to January 31 totaled HK$2,500. 3. Purchased dental equipment on January 1 for HK$900,000, paying HK$250,000 in cash and signing a HK$650,000 3-year note payable. The equipment depreciates HK$5,000 per month. Interest is HK$5,500 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for HK$150,000. 5. Purchased HK$17,000 of dental supplies. On January 31, determined that HK$3,000 of supplies were on hand. Instructions 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 Expense, and Utilities Payable. PRACTICE PROBLEM The Green Thumb Lawn Care Ltd. began on April 1. At April 30, the trial balance shows e following balances for selected accounts. (Amounts are in Chinese yuan.) Prepaid Insurance 36,000 Equipment 280,000 Notes Payable 200,000 Unearned Service Revenue 42,000 Service Revenue 18,000 Analysis reveals the following additional data. 1. Prepaid insurance is the cost of a 2-year insurance policy, effective April 1. 2. Depreciation on the equipment is 5,000 per month. 3. The note payable is dated April 1. It is a 6-month, 12% note. Scanned with CamScanner Searned with a he Accounts 4. Seven customers paid for the company's 6-month lawn service package of 6,000 beginning in April. The company performed services for these customers in April. 5. Lawn services performed for other customers but not recorded at April 30 totaled 15,000. Instructions Prepare the adjusting entries for the month of April. Show computations. Scanned with CamScanner