Question

Your answer is partially correct. The ledger of Metlock, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries. Credit Supplies Prepaid Insurance Equipment Unearned Service Revenue Debit 4,490 2.560 36,000 11,000 An analysis of the accounts shows the following. Insurance expires at the rate of $320 per month Supplies on hand total $900. The equipment depreciates $240 per month. During March, services were performed for two-fifths of the unearned service revenue. 1 2 3. 4 Prepare the adjusting entries for the month of March. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually) No. Account Titles and Explanation Debit Credit 1. 2 3.

Answer 1

Answer
	Journal entry
No.	Date	Account Titles and Explanations	Debit	Credit
1	31-12-2022	Insurance expense	$       320
		To, Prepaid Insurance		$       320
		(To record insurance expense)
2	31-12-2022	Supplies expense ($4490-$900)	$    3,590
		To, Supplies		$    3,590
		(To record supplies expense)
3	31-12-2022	Depreciation expense	$       240
		To, Accumulated depreciation-Equipment		$       240
		(To record depreciation expense
4	31-12-2022	Unearned service revenue ($11,000*2/5)	$    4,400
		To, Service revenue		$    4,400
		(To record service revenue )