Andy Wright,D.D.S., opened a dental practice on January 1, 2008. During the first month
Andy Wright,D.D.S., opened a dental practice on January 1, 2008. During the first month
of operations the following transactions occurred.
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1. Performed services for patients who had dental plan insurance. At January 31, $875 of such
services was earned but not yet recorded.
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2. Utility expenses incurred but not paid prior to January 31 totaled $520.
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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.
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4. Purchased a one-year malpractice insurance policy on January 1 for $12,000.
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5. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on
hand.
 Instructions
Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation—
Dental Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance
Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense,Utilities Expense, and Utilities Payable.
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Answers
Status NEW
Posted 18 May 2017 08:05 AM
My Price 6.00
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Attachments
file 1495096850-49256_1_636306217267409691_49256.xlsx preview (283 words )
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