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Exclude (c) Required Prepare the adjusting entries at 30 June, assuming that adjusting entries are made quarterly. Additional accounts and account numbers are: 420 Depreciation

Exclude (c)

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Required Prepare the adjusting entries at 30 June, assuming that adjusting entries are made quarterly. Additional accounts and account numbers are: 420 Depreciation expense, 430 Insurance expense, 220 Interest payable, and 440 Supplies expense. E3.7 Prepare adjusting entries. LO4 Con James commenced a dental practice on 1 January 2019. During the first month of operations the following transactions occurred: (a) Performed services for patients and, at 31 January, $1500 was earned for these services but not yet billed to the patients. (b) Electricity expense incurred and not paid or recorded prior to 31 January, $1040. (c) Purchased dental equipment on 1 January 2019 for $160 000, paying $40 000 in cash and signing a $120 000 interest-bearing note payable. (Interest is payable on 31 December 2019.) The equipment depreciates at $1600 per month and interest on the note is $500 per month. (d) Purchased a 1-year insurance policy on 1 January 2019 for $24 000. (e) Purchased $3200 of dental supplies (recorded as an asset). On 31 January, $700 worth of supplies was still on hand. Required Prepare the adjusting entries on 31 January 2019. Use these account names: Accumulated depreciation-dental equipment, Depreciation expense, Service revenue, Accounts receivable, Interest expense, Insurance expense, Salaries expense, Interest payable, Prepaid insurance and Salaries payable. E3.8 Prepare adjusting entries. LO4 The trial balance for Wong Pty Ltd is shown in figure 3.4. In lieu of the adjusting entries shown

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