Practice Problems for Final Exam 7. Prepare the adjusting journal entries for the quarter that ended on March 31, 20X1. Unadjusted Trial Balance Date March 31, 20X1 Debit Credit Cash 22,600 Accounts receivable 30,570 Prepaid Insurance 2,400 Equipment 53,400 Accumulated depreciation 2,500 Accounts payable 8,960 Unearned consulting revenue 6,600 Owner's capital 35,810 Owner's withdrawals 4,000 Service revenue Rent revenue 123,800 21,000 Wages expense Rent expense Advertising expense Totals 69,000 10,900 5,800 198,670 198,670 Insurance policy is for the period 1/1/X1 to 12/31/X1 so one fourth of the policy expired Monthly depreciation is $250 Two thirds of the Unearned consulting revenue was earned in March Accrued wages for the last week of March is $2,600 Account Debit Credit