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A global engineering company accepts a consulting engagement for a firm price of $8,000 in March, does the work in April, bills the client in May, and is paid in June. In completing the engagement, the company incurs expenses that are specifically related to this engagement as follows: none in March, $4,500 in April, and none in May and June. How much expense should be deducted from revenue in the month(s) when the revenue is recognized? Expenses of $ should be deducted from the revenues in On March 31, 2021, Coronado Rental Agency Inc's trial balance included the following selected unadjusted account balances. The company's year end is December 31 and it adjusts its accounts quarterly. Credit Debit $15,600 2,800 21,600 Prepaid insurance Supplies Equipment Accumulated depreciation equipment Deferred revenue Loan payable, due 2023 Rent income Salaries expense $4.900 9.990 18,600 32,400 14,600 An analysis of the accounts shows the following: 1. 2. 3. The equipment, which was purchased on January 1, 2020, is estimated to have a useful life of four years. The company uses straight-line depreciation. One third of the deferred revenue related to rent is still unearned at the end of the quarter. The bank loan payable has an interest rate of 6%. Interest is paid on the first day of each following month and was last paid March 1, 2021 Supplies on hand total $760 at March 31. The one-year insurance policy was purchased for $15,600 on January 1. Income tax is estimated to be $3,330 for the quarter. 4. 5. 6. Prepare the quarterly adjusting entries required at March 31. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Debit Credit Account Titles and Explanation | Mar. 31 31 31 31 31 31