The ledger of Milton, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries.

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 $480 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.

Prepare adjusting entries for deferrals.

DO IT! 3.2 (LO 2) The kedger of Milton. Inc, on March 31. 2020, includes the following selected accounts before adjusting entries. 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 $480 per month. 4. During March, services were performed for two-fifth of the unearned service revenue. Prepare the adjusting entries for the month of March