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Magnitude Services had completed all of its journal entries for the month of May 2018 and posted them to the general ledger. Based on the
Magnitude Services had completed all of its journal entries for the month of May 2018 and posted them to the general ledger. Based on the ledger balances, an unadjusted trial balance has been prepared. Magnitude Services Unadjusted Trial Balance May 31, 2018 Account Titles DR CR Cash $33,560 Accounts Receivable $9,390 Prepaid Insurance $1,920 Equipment $13,530 Accounts Payable $24,910 Unearned Revenue $3,660 Notes Payable $2,490 Magnitude, Capital $21,922 Service Revenue $24,110 Interest Expense $82 Rent Expense $1,760 Salaries Expense $8,780 Telephone Expense $200 Travel Expense $7,870 Total $77,092 $77,092 The following adjustments must be made at the end of May. May 31 The balance of prepaid insurance represents a 12-month policy, One month has been used. May 31 Depreciation of equipment for the month is $810. May 31 Magnitude Services has earned $1,150 that was previously unearned. Required Create the journal entries for the adjustments. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number: Date Account Title and Explanation Debit Credit 2018 May 31 Expensed one month of insurance May 31 Depreciate equipment May 31 . Earned revenue
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