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The ledger of Ivanhoe, Inc. on March 31, 2020, indudes the following selected accounts before adjusting entries. Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue
The ledger of Ivanhoe, Inc. on March 31, 2020, indudes the following selected accounts before adjusting entries. Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue Debit 3,000 2,000 29,800 8,600 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $400 per month. 2. Supplies on hand total $1,600. 3. The equipment depreciates $400 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 No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 (To record insurance expired) 2. Mar. 31 (To record supplies used) 3. Mar. 31 (To record monthly depreciation) 4. Mar. 31 (To record revenue for services provided) SHOW LIST OF ACCOUNTS
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