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The ledger of Umatilla, Inc. on March 31, 2022, includes

The ledger of Umatilla, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.

Question:

Debit Credit Supplies Prepaid Insurance Equipment Unearned Service Revenue 2,500 2,400 30,000 10,000

An analysis of the accounts shows the following.

1. Insurance expires at the rate of $300 per month.

2. Supplies on hand total $900.

3. The equipment depreciates $200 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.

Transcribed Image Text:

Debit Credit Supplies Prepaid Insurance Equipment Unearned Service Revenue 2,500 2,400 30,000 10,000

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1 Insurance Expense 300 Prepaid Insurance 300 To record insurance expired 2 Supplies Expe...View the full answer

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119493631

9th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jul 12, 2019 11:50 AM

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The ledger of Umatilla, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.

Question:

Debit Credit Supplies Prepaid Insurance Equipment Unearned Service Revenue 2,500 2,400 30,000 10,000

Step by Step Answer:

1 Insurance Expense 300 Prepaid Insurance 300 To record insurance expired 2 Supplies Expe...View the full answer

Financial Accounting Tools for Business Decision Making

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