Current Attempt in Progress Concord Corporation, opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. 2. 3. Performed services for patients who had dental plan insurance. At January 31, $890 of such services were performed but not Utility expenses incurred but not paid prior to January 31 totaled $690. Purchased dental equipment on January 1 for $86,000, paying $21,000 in cash and signing a $65,000, 3-year note payable. TI Purchased a one-year malpractice insurance policy on January 1 for $24,360. Purchased $1,500 of dental supplies. On January 31, determined that $400 of supplies were on hand. 4 5. 5 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation Jan. 1 31 2. Jan. 31 3, Jan. 31 (To record monthly depreciation) Jan. 31 (To record interest on notes payable) 4. Jan. 31 5. Jan. 31 I Question 3 ot/ -/1 View Policies Current Attempt in Progress Concord Corporation, 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, $890 of such services were performed but not Utility expenses incurred but not paid prior to January 31 totaled $690. Purchased dental equipment on January 1 for $86,000, paying $21,000 in cash and signing a $65,000, 3-year note payable. To Purchased a one-year malpractice insurance policy on January 1 for $24,360. Purchased $1,500 of dental supplies. On January 31, determined that $400 of supplies were on hand. 5. 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation Jan. 1. 31 2. Jan. 31 View Policies Current Attempt in Progress Concord Corporation, opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. At January 31, $890 of such services were performed but not yet recorded. 1$690. 21,000 in cash and signing a $65,000, 3-year note payable. The equipment depreciates $430 per month. Interest is $550 per month. for $24,360 I that $400 of supplies were on hand. 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Credit No. Debit Date Account Titles and Explanation 1. Jan. 31 2. Jan 31 O DI e L M
