Business, 12.03.2021 15:30 purplepanda69

The ledger of Pina Colada Corp. on March 31, 2022, includes the following selected accounts before adjusting entries. Debit Credit
Prepaid Insurance $2,544
Supplies 2,650
Equipment 31,800
Unearned Service Revenue $9,540
Notes Payable 21,000
Unearned Rent Revenue 9,900
Rent Revenue 61,000
Interest Expense 0
Salaries and Wages Expense 11,000

An analysis of the accounts shows the following.

1. Insurance expires at the rate of $318 per month.
2. Supplies on hand total $1,166.
3. The equipment depreciates at $530 per month.
4. During March, services were performed for two-fifths of the unearned service revenue.

Required:
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

Answers: 3

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The ledger of Pina Colada Corp. on March 31, 2022, includes the following selected accounts before a...

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