E3.6 (LO3) (Adjusting Entries) Stephen King, D.D.S., opened a dental practice on January 1, 2019. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was performed but not yet billed to the insurance companies. 1. Utility expenses incurred but not paid prior to January 31 totaled $520. 1. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month. 1. Purchased a 1-year malpractice insurance policy on January 1 for $15,000.

E3.6 (LO3) (Adjusting Entries) Stephen King, D.D.S., opened a dental practice on January 1, 2019. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was performed but not yet billed to the insurance companies. 1. Utility expenses incurred but not paid prior to January 31 totaled $520. 1. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month. 1. Purchased a 1-year malpractice insurance policy on January 1 for $15,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 8RE: At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a...

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