Karen Weller, D D S , opened a dental practice on January 1, 2014 During the first month of operations, the following transactions occurred 1 Performed services for patients who had dental plan insurance At January 31, $840 of such services was performed but not yet billed to the insurance companies 2 Utility expenses incurred but not paid prior to January 31 totaled $560 3 Purchased dental equipment on January 1 for $87,700, paying $25,900 in cash and signing a $61,800, 3 year note payable (a) The equipment depreciates $420 per month (b) Interest is $530 per month 4 Purchased a one year malpractice insurance policy on January 1 for $27,000 5 Purchased $2,130 of dental supplies On January 31, determined that $540 of supplies were on hand Prepare the adjusting entries on January 31 Account titles to be used are Accumulated DepreciationEquipment, 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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Karen Weller, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations, the following transactions occurred. 1. Performed services for

Karen Weller, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations, the following transactions occurred.

1.		Performed services for patients who had dental plan insurance. At January 31, $840 of such services was performed but not yet billed to the insurance companies.
2.		Utility expenses incurred but not paid prior to January 31 totaled $560.
3.		Purchased dental equipment on January 1 for $87,700, paying $25,900 in cash and signing a $61,800, 3-year note payable. (a) The equipment depreciates $420 per month. (b) Interest is $530 per month.
4.		Purchased a one-year malpractice insurance policy on January 1 for $27,000.
5.		Purchased $2,130 of dental supplies. On January 31, determined that $540 of supplies were on hand.

Prepare the adjusting entries on January 31. Account titles to be used are Accumulated DepreciationEquipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Accounts Payable.