Adjusting Entries: Stephen King, D.D.S. opened a dental practice on January 1, 2

Question

Adjusting Entries: Stephen King, D.D.S. opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred: Performed services for patients who had dental plan insurance. At January 31, $1,000 of such services was earned but not yet billed to the insurance companies. Salaries were incurred totaling $650 but not paid at month-end. Supplies totaling $600 were purchased on account. Prepare the adjusting entries on January 31. Omit explanations. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)

Explanation / Answer

At January 31, $1,000 of such services was earned but not yet billed to the insurance companies. Accounts Receivable Dr. 1000 Fees Earned Cr. 1000 Salaries were incurred totaling $650 but not paid at month-end. Salaries expense Dr. 650 Salaries payable Cr. 650 Supplies totaling $600 were purchased on account. Supplies Dr. 600 Accounts payable Cr. 600

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