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Amol Srivastava
Amol Srivastava, Accountant
Category: Finance
Satisfied Customers: 626
Experience:  More than 4years + of industry experience ,CFA level2 cleared, Chartered Accountant from India
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E3-8 XXXXX XXXXX,D.D.S., opened a dental practice on January

Resolved Question:

E3-8 XXXXX XXXXX,D.D.S., opened a dental practice 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 31, $875 of such
services was earned but not yet recorded.
2. Utility expenses incurred but not paid prior to January 31 totaled $520.
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.
4. Purchased a one-year malpractice insurance policy on January 1 for $12,000.
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, Suppl
Submitted: 7 years ago.
Category: Finance
Expert:  Amol Srivastava replied 7 years ago.
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Amol
Amol Srivastava, Accountant
Category: Finance
Satisfied Customers: 626
Experience: More than 4years + of industry experience ,CFA level2 cleared, Chartered Accountant from India
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Expert:  Amol Srivastava replied 7 years ago.
Do you need any more explanations or details.