Lorena manzone dds opened a dental practiCe

In Class $5-$ Chapter $3$

Question $2$ of $5$

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Lorena Manzone, D$.$D$.$S$.,$ opened a dental practice on January $1,2022.$ During the first month of operations, the following transactions occurred.

Performed services for patients who had dental plan insurance. At January $31,$$$785$ of such services was completed but not yet billed to the insurance companies.

Utility expenses incurred but not paid prior to January $31$ totaled $$650.$

Purchased dental equipment on January $1$ for $$80,000,$ paying $$30,000$ in cash and signing a $$50,000,3-$year note payable $($interest is paid each December $31).$ The equipment depreciates $$400$ per month. Interest is $$500$ per month.

Purchased a $1-$year malpractice insurance policy on January $1$ for $$24,000.$

Purchased $$1,600$ of dental supplies $($recorded as increase to Supplies$).$ On January $31,$ determined that $$400$ 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