Weygandt, Financial and Managerial, 3e CALCULATOR Practice Exercise 01 Your answ

Question

Weygandt, Financial and Managerial, 3e CALCULATOR Practice Exercise 01 Your answer is partially correct. Try again. Robin Shalit, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occus 1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services were performed but not yet 2. Utility expenses incurred but not paid prior to January 31 totaled $650. 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 4. Purchased a one-year malpractice insurance policy on January 1 for $24,000. 5. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense, Service Re Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable. (Credit account titles are automatical No. Date Account Titles and Explanation 1. Jan. 31 Accounts Receivable Debit Credit 875 Service Revenue 875 2. Jan. 31 Utilities Expense Utilities Payable 650 3. Jan. 31 Supplies Expense 80000 Suppies (To record monthly depreciation)

Explanation / Answer

1 31-Jan Accounts Receivable 875        Service revenue 875 2 31-Jan Utilities expense 650       Accounts payable 650 3 31-Jan Deprecaition expense 400      Accumulated Deprecaition-Equipment 400 3b 31-Jan Interest expense 500      Interest payable 500 4 31-Jan Insurance expense 2000 =24000/12       Prepaid insurance 2000 5 31-Jan Supplies expense 1200 =1600-400      Supplies 1200

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