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The ledger of Sandhill, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance $2,900 Supplies 2,000
The ledger of Sandhill, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance $2,900 Supplies 2,000 Equipment 29,400 Unearned Service Revenue $9,100 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $580 per month. 2. Supplies on hand total $1,500. 3. The equipment depreciates $600 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare the adjusting entries for the month of March. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Mar. 31 Insurance Expense Prepaid Insurance (To record insurance expired) 2. Mar. 31 Supplies Expense Supplies (To record supplies used) 3. Mar. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record monthly depreciation) 4. Mar. 31 Unearned Service Revenue Service Revenue (To record revenue for services provided) Debit 290 500 600 3640 Credit 290 500 600 3640
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