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i need help with question number 6 1. Exercise 3-8 Meghan Lindh, D.D.S., opened a dental practice on January 1, 2017. During the first month
i need help with question number 6
1. Exercise 3-8 Meghan Lindh, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $840 of such services were performed but not yet recorded. 2. Utility expenses incurred but not paid prior to January 31 totaled $600. 3. Purchased dental equipment on January 1 for $87,000, paying $30,000 in cash and signing a $57,000, 3-year note payable. (a) The equipment depreciates $435 per month (b) Interest is $470 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $26,040. 5. Purchased $1,600 of dental supplies. On January 31, determined 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 Accounts Payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Jan. 31 Accounts Receivable 840 Service Revenue 840 2. Jan. 31 Utilities Expense 600 Accounts Payable 600 3. Jan. 31 Depreciation Expense 1 Accounts Payable 435 Accumulated Depreciation-Equipment 435 4. Jan. 31 Insurance Expense 470 Interest Payable 470 1. Jan. 31 Accounts Receivable 840 Service Revenue 840 2. Jan. 31 Utilities Expense 600 Accounts Payable 600 3. Jan. 31 Depreciation Expense 435 Accumulated Depreciation-Equipment 435 4. Jan. 31 Insurance Expense 470 Interest Payable 470 5. Jan. 31 Insurance Expense 2170 Prepaid Insurance 2170 6. Jan. 31 Click if you would like to Show Work for this question: Open Show Work Step by Step Solution
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