Danielle Manning, D.D.S., opened a dental practice on January 1, 2012. During the first month of operations, the following transactions occurred.
Performed services for patients who had dental plan insurance. At January 31, $817 of such services was earned but not yet recorded. |
Utility expenses incurred but not paid prior to January 31 totaled $636. |
Purchased dental equipment on January 1 for $80,000, paying $24,700 in cash and signing a $55,300, 3-year note payable. (a) The equipment depreciates $400 per month. (b) Interest is $553 per month. |
Purchased a one-year malpractice insurance policy on January 1 for $24,828. |
Purchased $1,628 of dental supplies. On January 31, determined that $477 of supplies were on hand. |
Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation—Equipment, Depreciation Expense,
, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies,
, Utilities Expense and Accounts Payable.
Selected accounts for Brianna’s Salon are presented below. All June 30 postings are from closing entries.
Salaries and Wages Expense | |||||||||||
6/1 | 2,711 | 6/30 | 8,443 | ||||||||
6/28 | 5,732 | ||||||||||
6/12 | 840 | 1,694 | |||||||||
6/24 | 854 | ||||||||||
17,961 | 6/15 | 9,299 | |||||||||
8,662 | |||||||||||
Rent Expense | |||||||||||
2,743 | |||||||||||
Owner’s Capital | |||||||||||
2,009 | 11,915 | ||||||||||
5,081 | |||||||||||
Bal. | 14,987 | ||||||||||
Owner’s Drawings | |||||||||||
6/13 | 1,165 | ||||||||||
6/25 | 844 |