The ledger of Columbia, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.
Debit Credit
Prepaid Insurance 2,240
Supplies 3,120
Equipment 36,000
Unearned Service Revenue 13,600
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $960.
3. The equipment depreciates $240 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.

Question

01-02-2021
Business

Answered

Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

The ledger of Columbia, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.
Debit Credit
Prepaid Insurance 2,240
Supplies 3,120
Equipment 36,000
Unearned Service Revenue 13,600
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $960.
3. The equipment depreciates $240 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.

Sagot :

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.

How can you describe the line that passes through (0,3) and (-1, 0)

Here’s a table question only a few more table questions to come I need it in equation formEx: y= 2x (that’s not the answer that’s just a example)

Thuyết minh về con trâu ở làng quê Việt Nam trong đó có sử dụng các biện pháp nghệ thuật

Dani is ordering lumber for her new patio. The Long Barn charges a $45.96 delivery. They also charge $1.95 per board. Dani gets lumber and has it delivered to h

If a puppet requires 3/4 yds. of material, how many puppets can be made from 9 yds?

How can the un-dead be stopped?

An example of a scientific measurement when determining the period of a pendulum is 1-a list of the items required for the experiment 2-the number of seconds to

Georgia intended to be a place where debtors could make a new ____

How many degrees does the minute hand of a clock travel in one minute

Which sentence is in the present tense? • A faded postcard from Sweden and a tin of stale butter cookies were all that remained of those happy days with Sven. I

Zviko Zviko · Answer 1 · 2021-02-05T19:16:51-05:00

Answer:

Journal 1

Debit : Insurance expense $280

Credit : Prepaid Insurance $280

Being Insurance expense recognized

Journal 2

Debit : Supplies expense $2,160

Credit : Supplies $2,160

Being Supplies Expense Recognized

Journal 3

Debit : Depreciation expense $240

Credit : Accumulated depreciation $240

Being Depreciation expenses recognized

Journal 4

Debit : Unearned Service Revenue $5,440

Credit : Service Revenue Earned $5,440

Being Service Revenue Earned being recognized

Explanation:

Expenses are decreases in income that results as an increase in liabilities and decreases in assets. Note the Decreases in Assets and Increases in Liabilities that have occurred - they represent Expenses which need to be recognized.

Service revenue is recognized when the services are actually performed, thus Reverse the Unearned Service Revenue when services are performed.

Sagot :

Other Questions