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PART A - 6 MARKS Smiley Dental opened a dental practice on January 1, 2011. During the first month of operations, the following transactions occurred.
PART A - 6 MARKS Smiley Dental opened a dental practice on January 1, 2011. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet collected or recorded. II. Utility expenses incurred but not paid prior to January 31 totaled $520 . III. Purchased dental equipment on January 1 for $80 , 000 ., paying $20 , 000 in cash and signing a $60 , 000 , 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month. IV. Purchased a one year malpractice insurance policy on January 1 , for $12 , 000 . V. Purchased $1 , 600 dental supplies. On January 31 , determined that $400 of supplies were on hand. Required: Prepare the adjusting entries on January 31
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