Paper , Order, or Assignment Requirements
Concord Corporation, opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.
1. Performed services for patients who had dental plan insurance. At January 31, $800 of such services was completed but not yet billed to the insurance companies.
2. Utility expenses incurred but not paid prior to January 31 totaled $670.
3. Purchased dental equipment on January 1 for $85,500, paying $20,500 in cash and signing a $65,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $620 per month. Interest is $750 per month.
4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000.
5. Purchased $1,940 of dental supplies (recorded as increase to Supplies). On January 31, determined that $520 of supplies were on hand.