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during the first month of operations the following transactions occurred 654825

Phnom Penh dental clinic open on January 1, 2008. During the first month of operations the following transactions occurred.

  1. Performed services for patients who had dental Plan insurance at January 1, 1,280 of such services was earned but not yet recorded.
  2. Utilities expenses incurred nut not paid prior to January 31 totaled $365.
  3. Purchased dental equipment on January 1 for 80,000, paying 20,000 in cash and signing a 60,000, three year note payable. The equipment depreciates 500 per month. Insurance is 600 per month.
  4. Purchased a one year malpractice insurance policy on January 1 for 9,600.
  5. Purchased 2,300 of dental supplies. On January 31, determined that 700 of supplies were on hand.

Required:

Prepare the adjusting entries on January 31. Account title are: Accumulated depreciation of dental equipment, depreciation of expense, services revenue, services revenue, account receivable, insurance expense, interest expense, interest payable, prepaid insurance, supplies, supplies expense, utilities expense and utilities payable.

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