Adjusting Entries E3-6 ( the first month of operations the following transactions occurred. Adjusting Entries) Stephen King, D.D.S, opened a dental practice on January 1, 2010. During 1. Performed services for patients who had dental plan insurance. At January 31, $750 of such ser- vices was earned but not yet billed to the insurance companies. 2. Utility expenses 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 month. Interest is $500 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $15,000. . Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand. Instructions Prepare the adjusting entries on January 31. (Omit explanations.) Account titles are: Accumulated Depreciation-Dental Equipment; Depreciation Expense; Service Revenue; Accounts Receivable; Insur- ance Expense; Interest Expense; Interest Payable; Prepaid Insurance; Supplies; Supplies Expense; Utili- ties Expense; and Utilities Payable