20 of 21 < > View Policies -16 E Current Attempt in Progress Sheridan Company, opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. 2. 3. 4. Performed services for patients who had dental plan insurance. At January 31, $683 of such services were completed but not yet billed to the insurance companies, Utility expenses incurred but not paid prior to January 31 totaled $405. Purchased dental equipment on January 1 for $72,000 paying $18,000 in cash and signing a $54,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $360 per month. Interest is $450 per month. Purchased a 1-year malpractice insurance policy on January 1 for $21,600. 5. Purchased $1,575 of dental supplies (recorded as increase to Supplies). On January 31, determined that $495 of supplies were on hand. Prepare adjustments on January 31 and record them in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Accts. Prepd. Rec. Supplies Insur. Equip. 1. 2. 33. 3b. 4. 5. Liabilities Acc. Depr: Equip. Accts. pay. eTextbook and Media: Int. Com. Pay. Stock Equity item that was reduced.) Rev. Stockholders' Equity Retained Earnings Exp. eTextbook and Media Div