Complete the following problem Show calculations behind your answers where possible and explain your reasoning Karen Weller, D D S , opened a dental practice on January 1, 2020 During the first month of operations, the following transactions occurred Performed services for patients who had dental plan insurance At January 31, $750 of such services was performed but not yet billed to the insurance companies Utility expenses incurred but not paid prior to January 31 totaled $520 Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3 year not payable The equipment depreciates $400 per month Interest is $500 per month Purchased a one year malpractice insurance policy on January 1 for $12,000 Purchased $1,600 of dental supplies On January 31, determined that $500 of supplies were on hand Instructions Prepare the adjusting entries on January 31 (Omit explanations) 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 Accounts Payable

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Complete the following problem Show calculations behind your answers where possible and explain your reasoning Karen Weller, D.D.S., opened a dental practice on January 1,

Complete the following problem
Show calculations behind your answers where possible and explain your reasoning

Karen Weller, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.

Performed services for patients who had dental plan insurance. At January 31, $750 of such services was performed but not yet billed to the insurance companies.
Utility expenses incurred but not paid prior to January 31 totaled $520.
Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year not payable. The equipment depreciates $400 per month. Interest is $500 per month.
Purchased a one-year malpractice insurance policy on January 1 for $12,000.
Purchased $1,600 of dental supplies. On January 31, determined that $500 of supplies were on hand.

Instructions:

Prepare the adjusting entries on January 31 (Omit explanations). 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 Accounts Payable.