Question: The ledger of Umatilla, Inc. on March 31, 2017, includes the following selected accounts before adjusting entries.
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An analysis of the accounts shows the following.
1. Insurance expires at the rate of $300 per month.
2. Supplies on hand total $900.
3. The equipment depreciates $200 per month.
4. During March, services were performed for two-fifths of the unearned service revenue. Prepare the adjusting entries for the month of March.