The ledger of Lafayette, SA on March 31, 2017, includes the following selected accounts before adjusting entries.
Debit Credit
Prepaid Insurance........................2,400
Supplies....................................2,500
Equipment...............................30,000
Unearned Service Revenue........................................9,000
An analysis of the accounts shows the following.
1. Insurance expires at the rate of CHF300 per month.
2. Supplies on hand total CHF1,400.
3. The equipment depreciates CHF200 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.