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Adjusting Entries:

31 Insurance Expense 1,667 520

Prepaid Insurance 1,667 140

-paid 1 month insurance.

31 Supplies Expense 35,000540

Medical Supplies 35,000 130

-medical supplies that is consumed in months end.

31 Depreciation Expense-Bldg. 5,000570

Depreciation Expense-Equipt. 9,000580

Accumulated Depreciation-Medical Building 5,000 165

Accumulated Depreciation-Medical Equipment 9,000 175

-expense on depreciation of building & equipment was incurred.

31 Unearned Research Revenues 30,000 260

Research Revenues 30,000 420

-earned research revenues.

31 Salaries Expense 51,000510

Salaries Payable 51,000 240

-Salaries accrued not yet paid.

31 Interest Expense 28,000590

20% Notes Payable 20,000 220

24% Notes Payable 8,000 210

-interest on the two Notes payable.31 Supplies Expense 35,000540

Medical Supplies 35,000 130