Assignment

Robin Shalit, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations, the following transactions occurred.

1. Performed services for patients who had dental plan insurance. At January 31, $817 of such services were performed but not yet recorded.

2. Utility expenses incurred but not paid prior to January 31 totaled $643.

3. Purchased dental equipment on January 1 for $86,000, paying $23,200 in cash and signing a $62,800, 3-year note payable. (a) The equipment depreciates $430 per month. (b) Interest is $628 per month.

4. Purchased a one-year malpractice insurance policy on January 1 for $22,980.

5. Purchased $1,655 of dental supplies. On January 31, determined that $500 of supplies were on hand.