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View Policies Current Attempt in Progress A partial tabular summary of transactions for Marin Inc. on March 31, 2022, includes the following accounts before adjustments.
View Policies Current Attempt in Progress A partial tabular summary of transactions for Marin Inc. on March 31, 2022, includes the following accounts before adjustments. Assets = Liabilities + Stockholders' Equity Prepaid Insur. Unearned Serv. Rev + Acc. Depr.: Equip. -6,240 = + Rev. Supplies + 3,250 Exp. Equip. 39,000 3,120 13,000 An analysis of the accounts shows the following. 1. 2. Insurance expires at the rate of $390 per month. Supplies on hand total $1,170. The equipment depreciates $260 per month. During March, services were performed for two-fifths of the unearned service revenue. 3. 4. Prepare a tabular summary to record adjustments for the month of March. Include an explanation for each adjustment. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Supplies + Prepaid Insurance + Equip. Unadj. Bal. 3,250 3,120 39,000 Adj. 1 Adj. 2 Adj. 3 Adj. 4 Adj. Bal. Prepare a tabular summary to record adjustments for the month of March. Include an explanation for each adjustment. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Acc. Depr.- Equip. Unearned Serv. Rev + Equip. + 39,000 -6,240 13,000 Prepare a tabular summary to record adjustments for the month of March. Include an explanation for each adjustment. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Unearned Serv. Rev + Rev. Exp. 13,000
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