Andy Wright,D.D.S., opened a dental practice on January 1, 2020. Andy prepares his financial statements monthly. During the first month of operations the following transactions occurred.
Using the Excel template for question number 23 that you downloaded prior to starting this exam, prepare the adjusting entries on January 31. When finished answering this question, upload your completed worksheet containing your answer. Account titles are:
|Accumulated depreciation-equipment||Depreciation expense|
|Service revenue||Accounts receivable|
|Insurance expense||Interest expense|
|Interest payable||Prepaid insurance|
|Utilities expense||Utilities payable|
Following are the adjusted entries as required -
BOOKS OF ANDY WRIGHT (D.D.S)
JOURNAL ENTRIES FOR JANUARY 2020
|Date||Particulars||Debit ($)||Credit ($)|
|Accumulated depreciation - equipment||500|
|31/01/2020||Insurance expense (9,600 / 12)||800|
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