Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nancy Jackson, 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

image text in transcribed
image text in transcribed
Nancy Jackson, 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,$771 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 $548. 3. Purchased dental equipment on January 1 for $77,000, paying $20,000 in cash and signing a $57,000,3-year note payable. (a) The equipment depreciates $376 per month. (b) Interest is $460 per month 4. Purchased a one-year malpractice insurance policy on January 1 for $12,720. 5. Purchased $1,732 of dental supplies. On January 31 , determined that $490 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 Expenses, and Accounts Payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. (a) 3. (b) 4. 5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Analytics Methods And Techniques For Forensic Accounting Investigations

Authors: Mark J. Nigrini

1st Edition

0470890460, 978-0470890462

More Books

Students also viewed these Accounting questions

Question

List some benefits of the scrum approach to project management.

Answered: 1 week ago

Question

Define belongingness, competence, and autonomy.

Answered: 1 week ago