Question $12$ of $13$

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

Performed services for patients who had dental plan insurance. At January $31,$$$740$ of such services was completed but not yet billed to the insurance companies.

Utility expenses incurred but not paid prior to January $31$ totaled $$450.$

Purchased dental equipment on January $1$ for $$80,100,$ paying $$20,100$ in cash and signing a $$60,000,3-$year note payable $($interest is paid each December $31).$ The equipment depreciates $$350$ per month. Interest is $$450$ per month.

Purchased a $1-$year malpractice insurance policy on January $1$ for $$24,000.$

Purchased $$1,760$ of dental supplies $($recorded as increase to Supplies$).$ On January $31,$ determined that $$500$ of supplies were on hand.

Prepare the adjusting entries on January $31.$ Account titles are Accumulated Depreciation$-$Equipment, 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