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Prepare the adjusting entries for the month of march

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The ledger of Cheyenne Corp. on March 31, 2022, includes the following selected accounts before adjusting entries.

                                     Debit Credit

Prepaid Insurance                2,736

Supplies                                2,850

Equipment                             34,200

Unearned Service Revenue        10,260

An analysis of the accounts shows the following.

1. Insurance expires at the rate of $342 per month.

2. Supplies on hand total $1,254.

3. The equipment depreciates at $570 per month.

4. During March, services were performed for two-fifths of the unearned service revenue.

Problem 1: Prepare the adjusting entries for the month of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132647595

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