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Chapter 3 Individual Assignment 1Week/Unit 4Individual Work Intermediate Accounting IACG3103-2Dr. Jacquelyne LewisEverest University OnlineJennifer FlugelDue Date: 8-10-13Completed Date: 8-24-13
Chapter 3 Individual Assignment 2AbstractThe objective for this paper is to explain what I have learned about from our learning activities and our readings of Chapter 3 in our text, Intermediate Accounting. It will show my personal understanding through analyzing and explaining in my own words, and sited sources, my analysis of the concepts that we have learned. In this assignment, we were asked to answer questions that will focus on adjusting entries, closing entries, and financial statements. The guidelines for this assignment are as follows:1.In this activity, you will create a Word document or Excel file, and complete the selected exercises at the end of the chapter.2.Please complete the following exercises from the end of Chapter 3, page 137-140:E3-6: Adjusting entriesE3-10: Adjusting entriesE3-16: Closing entriesP3-4: Financial statements, adjusting and closing entries,page 145-146.
Chapter 3 Individual Assignment 3Chapter 3 ExercisesE3-6 (Adjusting Entries)Karen Weller, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations, the following transactions occurred.1.Performed services for patients who had dental plan insurance. At January 31, $750 of such services was earned 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 $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.4.Purchased a one-year malpractice insurance policy on January 1 for $12,000. 5.Purchased $1,600 of dental supplies. On January 31, determined that $500 of supplies were on hand.Instructions: Prepare the adjusting entries on January 31. (Omit explanations.) Account titles are Accumulated