Question

Oriole Company, opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.

1.		Performed services for patients who had dental plan insurance. At January 31, $790 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 $25,200 in cash and signing a $64,300, 3-year note payable (interest is paid each December 31). The equipment depreciates $450 per month. Interest is $660 per month.
4.		Purchased a 1-year malpractice insurance policy on January 1 for $24,000.
5.		Purchased $2,560 of dental supplies (recorded as increase to Supplies). On January 31, determined that $610 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Jan. 31	enter an account title to record the first transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the first transaction	Enter a debit amount	Enter a credit amount
2.	Jan. 31	enter an account title to record the second transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the second transaction	Enter a debit amount	Enter a credit amount
3.	Jan. 31	enter an account title to record depreciation expense	Enter a debit amount	Enter a credit amount
		enter an account title to record depreciation expense	Enter a debit amount	Enter a credit amount
		(To record depreciation expense)
		enter an account title for to record interest expense	Enter a debit amount	Enter a credit amount
		enter an account title to record interest expense	Enter a debit amount	Enter a credit amount
		(To record interest expense)
4.	Jan. 31	enter an account title to record the fourth transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the fourth transaction	Enter a debit amount	Enter a credit amount
5.	Jan. 31	enter an account title to record the fifth transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the fifth transaction	Enter a debit amount	Enter a credit amount

Answer 1

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Jan. 31	Accounts receivable	$790
		Service revenue		$790
		( To record service revenue)
2.	Jan. 31	Utilities expense	$610
		Accounts payable		$610
		( To record utilities expense )
3.	Jan. 31	Depreciation expense	$450
		Accumulated depreciation- Equipment		$450
		( To record depreciation expense)
		Interest expense	$660
		Interest payable		$660
		( To record interest expense)
4.	Jan. 31	Insurance expense	$2,000
		Prepaid insurance		$2,000
		( To record insurance expense)
5.	Jan. 31	Supplies expense	$1,950
		Supplies		$1,950
		( To record supplies expense)

4.

Insurance expense for 1 year = $24,000

Insurance expense for 1 month = 24,000 x 1/12

= $2,000

5.

Supplies expense =Supplies purchased - Ending supplies

= 2,560-610

= $1,950

Kindly comment if you need further assistance. Thanks‼!