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The ledger of Lafayette Ski School on March 31, 2020,

The ledger of Lafayette Ski School on March 31, 2020, includes the following selected accounts before adjusting

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The ledger of Lafayette Ski School on March 31, 2020, includes the following selected accounts before adjusting entries.

Debit Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue CHF 2,400 2,500 30,000 CHF9,000

An analysis of the accounts shows the following.
1. Insurance expires at the rate of CHF400 per month.
2. Supplies on hand total CHF1,600.
3. The equipment depreciates CHF480 per month.
4. During March, services were performed for two-fi fths of the unearned service revenue.
Prepare the adjusting entries for the month of March.

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Debit Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue CHF 2,400 2,500 30,000 CHF9,000

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1 Insurance Expense 400 Prepaid Insurance 400 To record insurance expired 2 Supplies E...View the full answer

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Accounting Principles

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

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Question Posted: Jun 20, 2019 07:54 AM

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The ledger of Lafayette Ski School on March 31, 2020, includes the following selected accounts before adjusting

Question:

Debit Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue CHF 2,400 2,500 30,000 CHF9,000

Step by Step Answer:

1 Insurance Expense 400 Prepaid Insurance 400 To record insurance expired 2 Supplies E...View the full answer

Accounting Principles

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