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The ledger of Sheffield Corp, on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance 2,500 Supplies 2,500 Equipment 31.700 Unearned Service Revenue 9.300 An analysis of the accounts shows the following, 1. Insurance expires at the rate of $ 200 per month. 2. Supplies on hand total $ 1.000. 3. The equipment depreciates $ 700 per month. 4. During March, services were performed for two-fifths of the unearned service revenue.

The ledger of Sheffield Corp, on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance 2,500 Supplies 2,500 Equipment 31.700 Unearned Service Revenue 9.300 An analysis of the accounts shows the following, 1. Insurance expires at the rate of $ 200 per month. 2. Supplies on hand total $ 1.000. 3. The equipment depreciates $ 700 per month. 4. During March, services were performed for two-fifths of the unearned service revenue.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the adjusting entries for the month of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar, 31 Mar. 31 4. Mar. 31 3.
Transcribed Image Text:Prepare the adjusting entries for the month of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar, 31 Mar. 31 4. Mar. 31 3.
The ledger of Sheffield Corp, on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance 2,500 Supplies 2,500 Equipment 31.700 Unearned Service Revenue 9.300 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $ 200 per month. 2. Supplies on hand total $ 1,000. 3. The equipment depreciates $ 700 per month. 4. During March, services were performed for two-fifths of the unearned service revenue.
Transcribed Image Text:The ledger of Sheffield Corp, on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance 2,500 Supplies 2,500 Equipment 31.700 Unearned Service Revenue 9.300 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $ 200 per month. 2. Supplies on hand total $ 1,000. 3. The equipment depreciates $ 700 per month. 4. During March, services were performed for two-fifths of the unearned service revenue.
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