The ledger of Oriole, Inc. on March 31, 2022, includes the following selected accounts before adjusting...
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The ledger of Oriole, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance $2,600 Supplies 2,400 Equipment 30,200 Unearned Service Revenue $9,000 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $520 per month. 2. Supplies on hand total $1,600. 3. The equipment depreciates $500 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.) The ledger of Oriole, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance $2,600 Supplies 2,400 Equipment 30,200 Unearned Service Revenue $9,000 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $520 per month. 2. Supplies on hand total $1,600. 3. The equipment depreciates $500 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.)
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Transaction Account Title Explanation Debit Credit 1 Insurance Expense 52... View the full answer
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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