- Your answer is partially correct. Kingbird, Inc., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1 2. 3. 4. 5. Performed services for patients who had dental plan insurance At January 31, $810 of such services were perf Utility expenses incurred but not paid prior to January 31 totaled $670. Purchased dental equipment on January 1 for $82,000, paying $22,000 in cash and signing a $60,000, 3-yearn Purchased a one-year malpractice Insurance policy on January 1 for $24.240. Purchased $1,600 of dental 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 Utilities Payable. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Accounts Receivable 810 Service Revenue 810 Utilities Expense 670 Utilities Payable 670 Depreciation Expense 530 Accumulated Depreciation Equipment To record monthly depreciation) 530 Interest Expense 500 Interest Payable To record interest on notes payable) 500 Insurance Expense 2000 Prepaid Insurance 200 Supplies Expense 1200 Supplies 1200 e Textbook and Media Solution - Your answer is partially correct. Kingbird, Inc., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1 2. 3. 4. 5. Performed services for patients who had dental plan insurance At January 31, $810 of such services were perf Utility expenses incurred but not paid prior to January 31 totaled $670. Purchased dental equipment on January 1 for $82,000, paying $22,000 in cash and signing a $60,000, 3-yearn Purchased a one-year malpractice Insurance policy on January 1 for $24.240. Purchased $1,600 of dental 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 Utilities Payable. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Accounts Receivable 810 Service Revenue 810 Utilities Expense 670 Utilities Payable 670 Depreciation Expense 530 Accumulated Depreciation Equipment To record monthly depreciation) 530 Interest Expense 500 Interest Payable To record interest on notes payable) 500 Insurance Expense 2000 Prepaid Insurance 200 Supplies Expense 1200 Supplies 1200 e Textbook and Media Solution