Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019. Accounts Receivable $

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Question:

Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019.

Accounts Receivable $ 0

Prepaid Insurance 2,220

Supplies 2,940

Equipment 6,650

Accumulated Depreciation – Equipment 0

Salaries and Wages Payable 0

Notes Payable 15,000

Interest Payable 0

Unearned Service Revenue 30,000

All of the accounts have normal balances. The information below has been gathered at December 31, 2019.

1.Depreciation on the equipment for 2019 is $1,300. Record the adjusting entry.

2. Rachel Kumar borrowed $15,000 by signing a 10%, one-year note on July 1, 2019. (6 mo) Record the adjusting entry for the interest owed but not paid.

3.Kumar paid $2,220 for 12 months of insurance coverage on October 1, 2019. (3 mo) Record adjusting entry for insurance use dat December 31, 2019.

4.Rachel Kumar DDS pays its employees total salaries of $11,000every Monday for the preceding 5-day week (Monday-Friday). All employees were owed for three days at December 31, 2019, but will not be paid until Monday, Jan. 3, 2020. Record the adjusting entry for the accrual of salaries.

5.Rachel Kumar DDS performed dental services for a client in December 2019. The client will be billed $3,200. Record the adjusting entry for the accrual.

6.On December 1, 2019, Rachel collected $30,000 in advance for dental services to be performed from December 1, 2019, through May31, 2020. Prepare adjusting entry at December 31, 2019.

7. A count of supplies on December 31, 2019, indicates that supplies of $650 are on hand. Prepare the adjusting entry.

Instructions

Prepare in journal form the adjusting entries for the seven items listed for Rachel