Help I S 5 Purchased 1500 of dental supplies On January 31 d

Help I S 5. Purchased $1,500 of dental supplies. On January 31, determined that $400 of supplies were on hand 3· Jan. 31

Solution

Journal entry :

Date	accounts & explanation	debit	credit
Jan 31	Account receivable	890
	Service revenue		890
	(To record service performed)
Jan 31	Utilities expenses	690
	Utilities payable		690
	(To record utilities expenses incurred)
Jan 31	Depreciation expenses	430
	Accumlated depreciation - equipment		430
	(To record depreciation)
Jan 31	Interest expenses	550
	Interest payable		550
	(To record interest expenses)
Jan 31	Insurance expenses (24360/12)	2030
	Prepaid insurance		2030
	(To record insurance exp)
Jan 31	Supplies expenses	1100
	Supplies		1100
	(To record supplies used)