The ledger of Columbia, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.
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Question:
The ledger of Columbia, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.
Debit | Credit | |
Prepaid Insurance | 2,240 | |
Supplies | 3,120 | |
Equipment | 36,000 | |
Unearned Service Revenue | 13,600 |
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $960.
3. The equipment depreciates $240 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.
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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