Read the question and prepare the adjusting entries on January 31 Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)Srno.1.2.3.4.5.6.Date Account Titles and ExplanationJan.31Jan.31Jan.31Jan.31.Jan.31Jan.31Jan.31(To record depreciation)(To record interest)DebitCredit Mark Bennett, D.D.S., opened an incorporated dental practice called Mark Bennett Professional Dentistry Corporation on January 1,2018. During the first month of operations the following selected transactions occurred:1.2.3.4.5.6.Performed services for patients who had dental plan insurance. At January 31, $740 of such services was earned but not yetbilled to the insurance companies.Utility expenses incurred but not paid prior to January 31 totalled $540.Purchased dental equipment on anuary 1 for $73,700, paying $21,200 in cash and signing a $52,500, 3-year bank loanpayable (interest is paid each December 31). The equipment depreciation is $400 per month. Interest on the bank loan is$450 per month.Purchased a 1-year malpractice insurance policy on January 1 for $26,160. The cost of the insurance policy was debited to thePrepaid Insurance account when purchased on January 1, 2018.Srno.Purchased $1,620 of dental supplies (recorded as increase to Supplies). On January 31 determined that $500 of supplieswere on hand.Estimated income taxes for the month amounting to $180, to be paid next month.Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)1.2.Date Account Titles and ExplanationJan.31Jan.DebitCredit

Adjusting Entries Are Journal Entries Recorded At The End Of The Period To Change The General…

Prepare the adjusting entries on January 31. (Credit account titles are automatically manually. Record journal entries in the order presented in the problem.) Sr no. Date Account Titles and Explanation

Prepare the adjusting entries on January 31. (Credit account titles are automatically manually. Record journal entries in the order presented in the problem.) Sr no. Date Account Titles and Explanation

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 3PB: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During...

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On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
Reviewing insurance policies revealed that a single policy was purchased on March 1, for one years coverage, in the amount of $9,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001. c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. f. Sold professional services for cash, 3,482. g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005. i. Paid the salary of the assistant, 1,050, Ck. No. 1006. j. Sold professional services for cash, 3,295. k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
Larkspur, Inc., 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, $770 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 $780. 3. Purchased dental equipment on January 1 for $86,500, paying $22,200 in cash and signing a $64,300, 3-year note payable (interest is paid each December 31). The equipment depreciates $530 per month. Interest is $690 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000. 5. Purchased $2,650 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue,…
Marigold Corp., 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, $890 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 $670. 3. Purchased dental equipment on January 1 for $85,500, paying $29,250 in cash and signing a $56,250, 3-year note payable (interest is paid each December 31). The equipment depreciates $620 per month. Interest is $470 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000. 5. Purchased $2,650 of dental supplies (recorded as increase to Supplies). On January 31, determined that $680 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue,…
Donna Clark, D.D.S., opened a 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, $880 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 $660. 3. Purchased dental equipment on January 1 for $86,000, paying $27,000 in cash and signing a $59,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $430 per month. Interest is $590 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $22,680. 5. Purchased $1,500 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand.
Carol Garcia, D.D.S., opened a 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, $880 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 $630. 3. Purchased dental equipment on January 1 for $82,000, paying $29,000 in cash and signing a $53,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $410 per month. Interest is $530 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,960. 5. Purchased $1,600 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31
Kimberly Young, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $800 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $560. 3. Purchased dental equipment on January 1 for $84,000, paying $19,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $410 per month. (b) Interest is $550 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,639 of dental supplies. On January 31, determined that $490 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…
Steve Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $818 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $500. 3. Purchased dental equipment on January 1 for $83,000, paying $18,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $378 per month. (b) Interest is $450 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,717 of dental supplies. On January 31, determined that $540 of supplies were on hand. Prepare the adjusting entries on January 31.
Lisa Anderson, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions ocurred. 1. Performed services for patients who had dental plan insurance. At January 31, $722 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to january 31 totaled $533. 3. Purchased dental equitment on January 1 for $83,000, paying $21,000 in cash and signing a $62,000, 3-year note payable. a) The equipment depreciates $429 per month. b) Interest is $480 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,445 of dental supplies. On Jnuary 31, determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense,Service Revenue,Account Receivable, Insurance Expense, Interes Expense, Interes Pyable, Prepaid Insurance,…
Linda Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $818 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $500. 3. Purchased dental equipment on January 1 for $83,000, paying $18,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $378 per month. (b) Interest is $450 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,717 of dental supplies. On January 31, determined that $540 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…
Karen Weller, D.D.S., opened a dental practice on January 1, 2020. 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. 2. Utility expenses incurred but not paid prior to January 31 totaled $520. 3. 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. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,000. 5. Purchased $1,600 of dental supplies. On January 31, determined that $500 of supplies were on hand. Instructions Prepare the adjusting entries on January 31. (Omit explanations.) Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest…