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Make the adjusting entries for the month of april

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Reference no: EM13552790

Terry Thomas opens the Green Thumb Lawn Care Company on April 1. At April 30, the trial balance shows the following balances for the selected accounts.

Prepaid Insurance

RM 3,600

Equipment

28,000

Notes Payable

20,000

Unearned Revenue

4,200

Service Revenue

1,800

Analysis reveals the following additional data.

  1. Prepaid insurance is the cost of a 2-year insurance policy, effective April 1.
  2. Depreciation on the equipment is RM 500 per month.
  3. The notes payable is dated April 1, 12% per annum.
  4. Six customers paid the company's 7-months' lawn service package of RM 4,200 beginning in April. These customers were serviced in April.
  5. Lawn services provided other customers but not billed at April 30 total RM 1,500.

Instructions:

Prepare the adjusting entries for the month of April. Show computation.

Reference no: EM13552790

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