The ledger of Monty Corp. on March 31 of the current year includes the selected accounts...
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The ledger of Monty Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $3,760 Prepaid Insurance 3,960 Equipment 25,500 Accumulated Depreciation-Equipment $7.650 Notes Payable 20,000 Unearned Rent Revenue 11.600 Rent Revenue 61,200 Interest Expense Salaries and Wages Expense 14,000 An analysis of the accounits shows the folilowing. 1. The equipment depreciates $ 400 per month, 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $ 340 is accrued on the notes payable. 4. Supplies on hand total $ 870. 5. Insurance expires at the rate of 5 440 per month. 4. Suppies on nana totar 3 8/U. 5. Insurance expires at the rate of $ 440 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 Mar. 31 3. Mar. 31 4. Mar. 31 Mar. 31 2. 5. The ledger of Monty Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $3,760 Prepaid Insurance 3,960 Equipment 25,500 Accumulated Depreciation-Equipment $7.650 Notes Payable 20,000 Unearned Rent Revenue 11.600 Rent Revenue 61,200 Interest Expense Salaries and Wages Expense 14,000 An analysis of the accounits shows the folilowing. 1. The equipment depreciates $ 400 per month, 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $ 340 is accrued on the notes payable. 4. Supplies on hand total $ 870. 5. Insurance expires at the rate of 5 440 per month. 4. Suppies on nana totar 3 8/U. 5. Insurance expires at the rate of $ 440 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 Mar. 31 3. Mar. 31 4. Mar. 31 Mar. 31 2. 5.
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Journal Entries Sr No Date Account Title and explanation Debit Credit Depreciation ... View the full answer
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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