Reference no: EM132944462
Question - The following balances have been taken from the trial balance for XYZ Corporation as of March 31, 2021
Dr Cr
Prepaid insurance 3,600
Unused supplies 1,800
Accounts payable 12,500
Unearned revenue 5,000
Income taxes payable -
Wages payable -
Revenue 427,500
Insurance expense 2,550
Supplies expense 11,800
Wages expense 575,000
Utilities expense 13,800
Income tax expense -
The following information applies to March 31, 2021
1. On January 1 the company paid $3,600 for a one year insurance policy.
2. One half of the unearned revenue was earned in March 2021.
3. The unused supplies on hand at March 31, 2021 were $900.
4. A $1,080 bill for utilities for March has been received but not recorded.
5. The wages for March 28 to April 3 of $10,500 will be paid on Monday April 5.
6. The estimated income taxes for the year ended March 31, 2021 is $12,000.
Required -
1. Prepare all necessary adjusting entries at March 31, 2021.
2. Prepare T-accounts for the following accounts after the adjusting entries have been recorded:
Prepaid insurance
Unearned revenue
Supplies expense
Utilities expense
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