Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with the ( Debut and Credit answers please) Susan, D.D.S. opened a dental practice on January 1, 2017. During the first month of

need help with the ( Debut and Credit answers please)
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Susan, D.D.S. opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred 1 2 3. Performed services for patients who had dental plan insurance. At January 31, $360 of such services was performed but not yet billed to the insurance companies Utility expenses incurred but not paid prior to January 31 totaled $260, Purchased dental equipment on January 1 for $44.000, paying $10,000 in cash and signing a 534,000, 3-year note payable, (a) The equipment depreciates $200 per month, (b) Interest is $270 per month Purchased a one year malpractice Insurance policy on January 1 for $5.640 Purchased $720 of dental supplles. On January 31, determined that $240 of supplies were on hand. 4. 5 Prepare the adjusting entries on January 31 Account titles aren Interest Payable Accumulated Depreciation Equipment Depreciation Expense Prepaid Insurance Service Revenue Supplies Supplies Expense Accounts Receivable Prepare the adjusting entries on January 31 Account titles are Interest Payable Accumulated Depreciation Equipment Depreciation Expense Service Revenge Accounts Receivable Prepaid Insurance Supplies Supplies Expense Utilities Expenses Utilities Payable Insurance Expense Interest Expense Credit account titles are automatically indented when amount is entered. Do not indent manually. no entry is requires select "Moantry for the account titles and enter for the amounts) Debit Credit No. Account Titles and Explanation 1 Accounts Receivable Service 1 Accounts Receivable Service Revenue 2 Utilities Expenses Uits Payable 3.(a) Depreciation Expense Accumulated Depreciation Couloment 3. (b) Interest Expense Interest Pate 4 Inance Expen Prenadine 2 Utilities Expenses Utilities Payable 3.al Depreciation Expense Accumulated Depreciation Equipment 3. (b) Interest Expert Interest Payable 4 Insurance Expense Prepaid Insurance 5 Supplies Expense Supplies

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions