Question

The current answers entered are wrong, looking for the right ones please. Thank you!

Question 1 of 2 < > 1.657 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 amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit No. Account Titles and Explanation 1. Depreciation Expense Accumulated Depreciation Equipment 2 Unearned Rent Revenue Rent Revenue 3 Interest Expense Interest Payable Insurance Expense Prepaid Insurance MacBook Pro

Answer 1

Journal

No	Account Title and Explanation	Debit	Credit
1	Insurance expense	320
	Prepaid insurance		320
	(To record insurance expense)
2	Supplies expense	3,590
	Supplies		3,590
	(To record supplies expense)
3	Depreciation expense	240
	Accumulated depreciation - Equipment		240
	(To record depreciation expense)
4	Unearned service revenue	4,400
	Service revenue		4,400
	(To record unearned service earned)

1.

Unadjusted supplies = $4,490

Ending supplies = $900

Supplies expense = Unadjusted supplies - Ending supplies

= 4,490 - 900

= $3,590

2.

Unearned service revenue earned = 11,000 x 2/5

= $4,400