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Question 10 View Policies Current Attempt in Progress Sheridan Company, opened an incorporated 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, $780 of such services was completed but not yet billed to the Insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $610. 3. Purchased dental equipment on January 1 for $89,500, paying $28,150 in cash and signing a $61,350, 3-year note payable interest is paid each December 31). The equipment depreciates $450 per month. Interest is $730 per month 4. Purchased a 1-year malpractice Insurance policy on January 1 for $24,000. 5. Purchased $2,380 of dental supplies (recorded as increase to Supplies). On January 31, determined that $620 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. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answer 1

	Date	Account Titles	Debit	Credit
1	Jan. 31	Accounts Receivable	780
		Service Revenue		780
2	Jan. 31	Utilities expense	610
		Accounts Payable		610
3	Jan. 31	Depreciation expense	450
		Accumulated Depreciation-Equipment		450
	Jan. 31	Interest expense	730
		Interest payable		730
4	Jan. 31	Insurance expense	2000		=24000*1/12
		Prepaid insurance		2000
5	Jan. 31	Supplies expense	1760		=2380-620
		Supplies		1760