Question

CALCULATOR PRINTER VERS Practice Do It! Review 01 The ledger of Skysong, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance 2,500 Supplies 3,000 Equipment 31,500 Unearned Service Revenue 8,700 1. An analysis of the accounts shows the following. Insurance expires at the rate of $300 per month 2 Supplies on hand total $1,100. The equipment depreciates $600 per month During March, services were performed for two-fifths of the unearned service revenue. Prepare the adjusting entries for the month of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 3. 4. 1 Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31

Answer 1

Debit Credit No. 1 Date Account Titles and Explanations 31-Mar Insurance expense Prepaid insurance $ 300 $ 300 2 $ 1,900 31-Mar Supplies expense ($3,000 - $1,100) Supplies $ 1,900 3 $ 600 31-Mar Depreciation expense- Equipment Accumulated depreciation-Equipment $ 600 4 $ 3,480 31-Mar Unearned service revenue ($8,700*2/5) Service revenue $ 3,480