Novak Corp., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.

1.Performed services for patients who had dental plan insurance. At January 31, $930of such services was completed but not yet billed to the insurance companies.2.Utility expenses incurred but not paid prior to January 31 totaled $520.3.Purchased dental equipment on January 1 for $87,600, paying $28,250in cash and signing a $59,350, 3-year note payable (interest is paid each December 31). The equipment depreciates $540per month. Interest is $670per month.4.Purchased a 1-year malpractice insurance policy on January 1 for $24,000.5.Purchased $2,320of dental supplies (recorded as increase to Supplies). On January 31, determined that $610of supplies were on hand.

Prepare the adjusting entries on January 31. Account titles 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.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. 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. 31enter an account title to record the first transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the first transaction

Enter a debit amount

Enter a credit amount

2.Jan. 31enter an account title to record the second transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the second transaction

Enter a debit amount

Enter a credit amount

3.Jan. 31enter an account title to record depreciation expense

Enter a debit amount

Enter a credit amount

enter an account title to record depreciation expense

Enter a debit amount

Enter a credit amount

(To record depreciation expense)enter an account title for to record interest expense

Enter a debit amount

Enter a credit amount

enter an account title to record interest expense

Enter a debit amount

Enter a credit amount

(To record interest expense)4.Jan. 31enter an account title to record the fourth transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the fourth transaction

Enter a debit amount

Enter a credit amount

5.Jan. 31enter an account title to record the fifth transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the fifth transaction

Enter a debit amount

Enter a credit amount