Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Solve Sharon Lee, D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. Performed

Please Solve

image text in transcribed

image text in transcribed

Sharon Lee, D.D.S., opened a 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,$810 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $670. 3. Purchased dental equipment on January 1 for $82,000, paying $22,000 in cash and signing a $60,000,3-year note payable (interest is paid each December 31). The equipment depreciates $410 per month. Interest is $600 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24.240 5. Purchased $1,600 of dental supplies (recorded as increase to Supplies). On January 31. determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31. Account tities are Accumulated Depreciation-Equigmene. Depretiation Expense. Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, interest Payabie, Prepaid hnsurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable. (List all detit entries befors credit entries. Credit ascount tites are automutically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Jan. 31 2. Jan. 31 3. Jan. 31 (To record monthly depreciation.) Jan. 31 (To record interest on Notes payable.) 4. Jan. 31 5. Jan. 31

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

Risky Business Principles Of Auditing Property And Casualty Insurance

Authors: Seth A. Davis, CIA, CPA, CPCU, CFA, CISA

1st Edition

0894139711, 978-0894139710

More Books

Students also viewed these Accounting questions

Question

1. Identify three approaches to culture.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago

Question

4. Describe how cultural values influence communication.

Answered: 1 week ago