Question 2 of 2 1.53/5 111 View Policies Show Attempt History Current Attempt in Progress Sandhill Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: 1. 2. 3. 4. 5. Services of $640 were provided but not recorded or collected. Of the balance in the Unearned Revenue account, $340 of services have been provided. Depreciation expense for the year ended April 30, 2021, was $5,150. Interest of $545 on a note payable had accrued. Prepaid insurance of $485 had expired. Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2021 to be $4,008. 6. Your answer is incorrect. Identify the adjustments for which it could be useful to prepare reversing entries. It could be useful to prepare reversing entries for adjustments 3, 4, and 6 Your answer is partially correct. Prepare these reversing entries on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation May 1 Service Revenue 340 340 Unearned Revenue (To reverse accrued revenue adjusting entry) Interest Payable May 1 545 545 Interest Expense (To reverse accrued interest adjusting entry) Prepaid Insurance May 1 485 485 Insurance Expense (To reverse accrued property tax adjusting entry) eTextbook and Media Assistance Used List of Accounts Save for Later Last saved 2 days ago. Attempts: 1 of 2 used Submit