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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 399 Weeks Ago, 1 Day Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Robin Shalit, D.D.S., opened a dental practice on January 1, 2015. During the first month of operations, the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $875 of such services were performed but not yet recorded. Utility expenses incurred but not paid prior to January 31 totaled $650. 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. Purchased a one-year malpractice insurance policy on January 1 for $24,000. 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-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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