The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts
Question:
An analysis of the accounts shows the following.
1. The equipment depreciates $280 per month.
2. Half of the unearned rent revenue was earned during the quarter.
3. Interest of $400 is accrued on the notes payable.
4. Supplies on hand total $850.
5. Insurance expires at the rate of $400 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense Interest Payable and Supplies Expense.
Transcribed Image Text:
Debit Credit 3,000 3,600 25,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 8.400 20,000 12,400 60,000 0 14,000
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1 Mar 31 Depreciation Expense 280 X 3 840 Accumulated Depreciation Eq...View the full answer
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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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