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3-2) Pearl Weller, D.D.S., opened a dental practice on January 1, 2017. During the first...

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Accounting

3-2) Pearl Weller, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.

1. Performed services for patients who had dental plan insurance. At January 31, $777 of such services was performed but not yet billed to the insurance companies.

2. Utility expenses incurred but not paid prior to January 31 totaled $526.

3. Purchased dental equipment on January 1 for $87,000, paying $20,000 in cash and signing a $67,000, 3-year note payable. (a) The equipment depreciates $388 per month. (b) Interest is $450 per month.

4. Purchased a one-year malpractice insurance policy on January 1 for $11,400.

5. Purchased $1,726 of dental supplies. On January 31, determined that $510 of supplies were on hand.

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 Expenses, and Utilities Payable.

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