Question
A partial tabular summary of transactions for Windsor, Inc. on March 31, 2022, includes the following accounts before adjustments. Assets = Liabilities + Stockholders Equity
A partial tabular summary of transactions for Windsor, Inc. on March 31, 2022, includes the following accounts before adjustments.
Assets | = | Liabilities | + | Stockholders Equity | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Supplies | + | Prepaid Insur. | + | Equip. | - | Acc. Depr.- Equip. | = | Unearned Serv. Rev | + | Rev. | Exp. | |||
2,300 | 2,208 | 27,600 | -4,416 | 9,200 |
An analysis of the accounts shows the following.
1. | Insurance expires at the rate of $276 per month. | |
2. | Supplies on hand total $828. | |
3. | The equipment depreciates $184 per month. | |
4. | During March, services were performed for two-fifths of the unearned service revenue. |
Prepare a tabular summary to record adjustments for the month of March. Include an explanation for each adjustment. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Assets | = | Liabilities | + | Stockholders Equity | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Supplies | + | Prepaid Insurance | + | Equip. | - | Acc. Depr.- Equip. | = | Unearned Serv. Rev | + | Rev. | Exp. | ||||
Unadj. Bal. | 2,300 | 2,208 | 27,600 | -4,416 | 9,200 | ||||||||||
Adj. 1 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an explanation Depreciation expenseInsurance expenseService revenueSupplies expense | |||||||
Adj. 2 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an explanation Depreciation expenseInsurance expenseService revenueSupplies expense | |||||||
Adj. 3 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an explanation Depreciation expenseInsurance expenseService revenueSupplies expense | |||||||
Adj. 4 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an explanation Depreciation expenseInsurance expenseService revenueSupplies expense | |||||||
Adj. Bal. | enter an adjusted balance | enter an adjusted balance |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started