The ledger of Lafayette, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.

An analysis of the accounts shows the following.
1. Insurance expires at the rate of $300 per month.
2. Supplies on hand total $1,400.
3. The equipment depreciates $200 per month.
4. 2/5 of the unearned service revenue was recognized in March.
Prepare the adjusting entries for the month ofMarch.

Transcribed Image Text:

Debit 2,400 2,500 30,000 Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue 9,000