Posted: January 10th, 2022
The ledger of Hammond Inc. on March 31, 2022, includes these selected accounts before adjusting entries are prepared.
Prepaid Insurance $ 3,600
Accumulated Depreciation—Equipment $5,000
Unearned Service Revenue 9,200
An analysis of the accounts shows the following.
1.Insurance expires at the rate of $100 per month.
2.Supplies on hand total $800.
3.The equipment depreciates $200 a month.
4.During March, services were performed for $4,000 of the unearned service revenue reported.
Prepare the adjusting entries for the month of March.
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