A partial tabular summary of transactions for Shamrock, Inc. on March 31, 2017, includes the following...
A partial tabular summary of transactions for Shamrock, Inc. on
March 31, 2017, includes the following accounts before
adjustments.
| Assets | = | Liabilities | + | Stockholders’ Equity | ||||||||||
| Supplies | + | Prepaid Insurance | + | Equip. | - | Acc. Depr.- Equip. |
= | Unearned Serv. Rev |
+ | Rev. | − | Exp. | ||
| 2,610 | 2,480 | 22,500 | -3,600 | 12,000 | ||||||||||
An analysis of the accounts shows the following.
| 1. | Insurance expires at the rate of $310 per month. | |
| 2. | Supplies on hand total $960. | |
| 3. | The equipment depreciates $150 per month. | |
| 4. | During March, services were performed for two-fifths of the unearned service revenue. |
Prepare a tabular summary to record adjustments for the month of
March. Include an explanation for each adjustment. (If
a transaction results in a decrease in Assets, Liabilities or
Stockholders' Equity, place a negative sign (or parentheses) in
front of the amount entered for the particular Asset, Liability or
Equity item that was reduced.)
| Assets | = | Liabilities | + | Stockholders’ Equity | |||||||||||
| Supplies | + | Prepaid Insurance | + | Equip. | - | Acc. Depr.- Equip. |
= | Unearned Serv. Rev |
+ | Rev. | − | Exp. | |||
| Unadj. Bal. | 2,610 | 2,480 | 22,500 | -3,600 | 12,000 | ||||||||||
| Adj. 1 | Depreciation expenseInsurance expenseService revenueSupplies expense | ||||||||||||||
| Adj. 2 | Depreciation expenseInsurance expenseService revenueSupplies expense | ||||||||||||||
| Adj. 3 | Depreciation expenseInsurance expenseService revenueSupplies expense | ||||||||||||||
| Adj. 4 | Depreciation expenseInsurance expenseService revenueSupplies expense | ||||||||||||||
| Adj. Bal. | |||||||||||||||
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A partial tabular summary of transactions for Shamrock, Inc. on
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