Question

CALCULATOR INTER VERSION BACK NEXT Exercise 4-10 Blossom 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, $900 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 $770. 3. Purchased dental equipment on January 1 for $87,600, paying $24.150 in cash and signing a $63,450, 3-year note payable interest is paid each December 31). The equipment depredates $640 per month. Interest is $560 per month 4. Purchased a 1-year malpractice Insurance policy on January 1 for $24,000. 5. Purchased $2,230 of dental supplies (recorded as increase to Supplies). On January 31, determined that $630 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Acoumulated 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.) No. Date Account Titles and Explanation Debat Credit 1. Jan. 31 Accounts Receivable Service Revenue 2. 31 Expense 3. Jan. 31 To record depreciation expense) 2/21/ Gateway

Answer 1

Date	Account titles & Explanations					Debit	Credit
31-Jan	Accounts receivable					900
	Service revenue						900
31-Jan	utilities expense					770
	Accounts payable						770
31-Jan	Depreciation expense					640
	Accumulated depreciation-Equipment						640
31-Jan	interest expense					560
	interest payable						560
31-Jan	insurance expense					2000
	prepaid insurance						2000
31-Jan	supplies expense					1600
	supplies.						1600