Meghan Lindh, D.D.S., opened a dental practice on January 1. During the first month of operations, the following transactions occurred.
1. Purchased dental equipment on January 1 for $80,000. The equipment depreciates $400 per month.
2. Purchased a one-year malpractice insurance policy on January 1 for $24,000.
3. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand.

Instructions
Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Insurance Expense, Prepaid Insurance, Supplies, and Supplies Expense.