Sheffield, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for customers with terms net 60.

Sheffield, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for customers with terms net 60. At January 31, $3,550 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $1,330. 3. Purchased computer and networking equipment on January 1 for $28,000, paying $14,000 in cash and signing a $14,000, 3-year note payable. The equipment depreciates $560 per month. Interest is $140 per month. 4. Purchased a one-year insurance policy on January 1 for $13,200. 5. Purchased $1,800 of supplies. On January 31, determined that $650 of supplies were on hand. Prepare the adjusting entries on January 31.