ElizabethHampton ACG3103-2 Week 4 - E3-6 Stephen King D.D.S...

This preview shows page 1 - 2 out of 3 pages.

E3-6Stephen King, D.D.S., opened a dental practice on January 1, 2012. 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 $5203.Purchased dental equipment on January 1 $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 $15,000.5.Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand.InstructionsPrepare the adjusting entries on January 31 (Omit explanations) Account titles are Accumulated Depreciation – Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture