Con James commenced a dental practice on I January $2023.$ During the first month of operations the following transactions occurred:$($a$)$ Performed services for patients and, at $3$l January, $$1500$ was earned for these services but not yet billed to the patients.$($b$)$ Electricity expense incurred and not paid or recorded prior to $31$ January, $ $1040.($c$)$ Purchased dental equipment on I January $2023$ for $$160000,$ paying $$40000$ in cash and signing a $$120000$ interest$-$bearing note payable. $($Interest is payable on $3$l December $2023.)$ The equipment depreciates at $$400$ per month and interest on the note is $$500$ per month.$($d$)$ Purchased a I$-$year insurance policy on I January $2023$ for $$24000.($e$)$ Purchased $$3200$ of dental supplies $($recorded as an asset$).$ On $31$ January, $$700$ worth of supplies was still on hand.RequiredPrepare the adjusting entries on $3$l January $2023.$ Use these account names: Accumulated depreciation$-$dental equipment, Depreciation expense, Service revenue, Accounts receivable, Interest expense, Insurance expense, Salaries expense, Interest payable, Prepaid insurance and Salaries payable