1. Services performed but unbilled and uncollected at March 31 was $210. 2. Depreciation on equipment for the month was $260. 3. One-sixth of the insurance expired. 4. An inventory count shows $290 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,120. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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(h) Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Services performed but unbilled and uncollected at March 31 was $210. Depreciation on equipment for the month was $260. One - sixth of the insurance expired. An inventory count shows $290 of cleaning supplies on hand at March 31. Accrued but unpaid employee salaries were $1, 120. One month of the prepaid rent has expired. One month of interest expense related to the note payable has accrued and will be paid April
1.

1.
Services performed but unbilled and uncollected at March 31 was $210.
2.
Depreciation on equipment for the month was $260.
3.
One-sixth of the insurance expired.
4.
An inventory count shows $290 of cleaning supplies on hand at March 31.
5.
Accrued but unpaid employee salaries were $1,120.
6.
One month of the prepaid rent has expired.
7.
One month of interest expense related to the note payable has accrued and will be paid April 1.
Transcribed Image Text:1. Services performed but unbilled and uncollected at March 31 was $210. 2. Depreciation on equipment for the month was $260. 3. One-sixth of the insurance expired. 4. An inventory count shows $290 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,120. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1.
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