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The ledger of Concord Corporation on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance $2,064 Supplies 2,150 Equipment
The ledger of Concord Corporation on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance $2,064 Supplies 2,150 Equipment 25,800 Unearned Service Revenue $7,740 An analysis of the accounts shows the following 1. Insurance expires at the rate of $258 per month. 2. Supplies on hand total $946. 3. The equipment depreciates at $430 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. (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 O for the amounts.) No. Date Account Titles and Explanation Debit Credit 1 Mar. 31 Depreciation Expense Accumulated Depreciation-Equipment Mar. 2 Unearned Rent Revenue 31 i 3. Rent Revenue Mar. Interest Expense 31 Interest Payable Mar. 4. Supplies Expense 31 Supplies
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