Windsor, Inc.'s general ledger as of March 31 of the current year includes the accounts selected below
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Question:
Windsor, Inc.'s general ledger as of March 31 of the current year includes the accounts selected below before adjusting entries have been prepared.
Debit | Credit | |||
---|---|---|---|---|
supplies | $3,640 | |||
prepaid insurance | 4,140 | |||
Equipment | 27,400 | |||
Accumulated Depreciation—Equipment | $8,220 | |||
Pay | 19,800 | |||
Unearned rental income | 10,700 | |||
rental income | 61,900 | |||
Interest expenses | 0 | |||
Wages and salaries expense | 12,300 |
An analysis of the accounts shows the following.
1. | The equipment depreciates $340 per month. | |
2. | Half of unearned rental income was earned during the quarter. | |
3. | Interest of $380 accrues on notes payable. | |
4. | Supplies available totaling $950. | |
5. | Insurance expires at the rate of $460 per month. |
Prepare adjusting entries as of March 31, assuming adjusting entries are made quarterly .
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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