ACCT 221 questions
excellentassignmentsDanielle Manning, D.D.S., opened a dental practice on January 1, 2012. During the first month of operations, the following transactions occurred.
1. | Performed services for patients who had dental plan insurance. At January 31, $817 of such services was earned but not yet recorded. | |
2. | Utility expenses incurred but not paid prior to January 31 totaled $636. | |
3. | 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. | |
4. | Purchased a one-year malpractice insurance policy on January 1 for $24,828. | |
5. | 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, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, 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 | |||
6/10 | 2,711 | 6/30 | 8,443 |
6/28 | 5,732 | ||
Supplies Expense | |||
6/12 | 840 | 6/30 | 1,694 |
6/24 | 854 | ||
Service Revenue | |||
6/30 | 17,961 | 6/15 | 9,299 |
6/24 | 8,662 | ||
Rent Expense | |||
6/1 | 2,743 | 6/30 | 2,743 |
Owner’s Capital | |||
6/30 | 2,009 | 6/1 | 11,915 |
6/30 | 5,081 | ||
Bal. | 14,987 | ||
Owner’s Drawings | |||
6/13 | 1,165 | 6/30 | 2,009 |
6/25 | 844 | ||
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