The ledger of Umatilla, Inc. on March 31, 2025, includes the following selected accounts before adjusting entries.

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An analysis of the accounts shows the following.

1. Insurance expires at the rate of $\$ 300$ per month.

2. Supplies on hand total $\$ 900$.

3. The equipment depreciates at $\$ 200$ per month.

4. During March, services were performed for two-fifths of the unearned service revenue.

Prepare the adjusting entries for the month of March.

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119791089

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Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell

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Question Posted: Feb 23, 2024 11:00 PM

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The ledger of Umatilla, Inc. on March 31, 2025, includes the following selected accounts before adjusting entries.

Question:

Supplies Prepaid Insurance Equipment Unearned Service Revenue Debit 2,500 2,400 30,000 Credit 10,000

Step by Step Answer:

1 Insurance Expense Prepaid Insurance To record insurance expired 2 S...View the full answer

Financial Accounting Tools For Business Decision Making

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