Question: Assets + Liabilities Unearned Serv. Rev Acc. Depr.- Equip. + Supplies + Prepaid Insurance + Equip. Unadj. Bal. 4,410 2,160 22,500 -3,600 10,800 Adj. 1

 Assets + Liabilities Unearned Serv. Rev Acc. Depr.- Equip. + Supplies+ Prepaid Insurance + Equip. Unadj. Bal. 4,410 2,160 22,500 -3,600 10,800Adj. 1 Adj. 2 Adj. 3 Adj. 4 Adj. Bal. Liabilities +

Assets + Liabilities Unearned Serv. Rev Acc. Depr.- Equip. + Supplies + Prepaid Insurance + Equip. Unadj. Bal. 4,410 2,160 22,500 -3,600 10,800 Adj. 1 Adj. 2 Adj. 3 Adj. 4 Adj. Bal. Liabilities + Stockholders' Equity + Unearned Serv. Rev O Rev. - Exp. 10,800 A partial tabular summary of transactions for Tamarisk, Inc. on March 31, 2017, includes the following accounts before adjustments. Assets = Liabilities + Stockholders' Equity Acc. Depr.- Unearned Supplies + Prepaid Insurance + Equip. - Equip. = Serv. Rev. Rev. - Exp. 4,410 2,160 22,500 -3,600 10,800 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $270 per month. 2. Supplies on hand total $945. 3. The equipment depreciates $150 per month. 4. During March, services were performed for two-fifths of the unearned service revenue. Prepare a tabular summary to record adjustments for the month of March. Include an explanation for each adjustment. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!