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Problem 2: Accounting Cycle-adjusting entries Terry Thomas opens the Green Thumb Lawn Care Company on...

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Accounting

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Problem 2: Accounting Cycle-adjusting entries Terry Thomas opens the Green Thumb Lawn Care Company on April 1. At April 30, the rial balance shows the following balances for selected accounts. Prepaid Insurance Equipment Notes Payable Unearned Revenue Service Revenue S3,600 28,000 20,000 4,200 1,800 Analysis reveals the following additional data. Prepaid insurance is the cost of a 2-year insurance policy, effective April 1. Depreciation on the equipment is $500 per month. The note payable is dated April 1 . It is a 6-month, l 2% note. Seven customers paid for the company's 6 months' lawn service package of $600 beginning in April. The company performed services for these customers in April. Lawn services provided other customers but not recorded at April 30 totaled S1,500 1. 2. 3. 4. 5. Required: Prepare the adjusting entries for the month of April. Show computations

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