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Current Attempt in Progress Pharoah Company, opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.
Current Attempt in Progress Pharoah Company, opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $930 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $500. 3. Purchased dental equipment on January 1 for $86,650, paying $28,200 in cash and signing a $58,450, 3-year note payable interest is paid each December 31). The equipment depreciates $500 per month. Interest is $610 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000. 5. Purchased $2,440 of dental supplies (recorded as increase to Supplies). On January 31, determined that $690 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, Llabiltles or Stockholders'Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Llability or Equity Item that was reduced.) Assets Liabilities Stockholders' Equity Accts Prepd. Acc. Depr: Accts. Int Com Retained Earnings Rec Supplies Insur. Equip Equip. Pay Pay. Stock Rev. Exp. Div 3a. 3b. 4 5 eTextbook and Media Save for Later Using multiple attempts will impact your score Attempts: 0 of 3 used Submit Answer os reduced.) 5 Div Div Salaries & Wages Expense Insurance Expense Interest Expense Service Revenue Utilities Expense Supplies Expense Depreciation Expense Attemp
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