MargaretMoore, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.

1.Performed services for patients who had dental plan insurance. At January 31, $800of such services was performed but not yet billed to the insurance companies.

2.Utility expenses incurred but not paid prior to January 31 totaled $498.

3.Purchased dental equipment on January 1 for $75,000, paying $21,000in cash and signing a $54,000, 3-year note payable.

(a)The equipment depreciates $364per month.

(b)Interest is $520per month.

4.Purchased a one-year malpractice insurance policy on January 1 for $10,920.

5.Purchased $1,665of dental supplies. On January 31, determined that $520of supplies were on hand.