Prepaid Insurance

$$6,160$

Supplies

$5,130$

Equipment

$45,600$

Accumulated Depreciation$$Equipment

$$14,364$

Notes Payable

$28,500$

Unearned Rent Revenue

$12,654$

Rent Revenue

$102,600$

Interest Expense

$0$

Salaries and Wages Expense

$22,800$

An analysis of the accounts shows the following.

$1.$ The equipment depreciates $$684$ per month.

$2.$ Two$-$thirds of the unearned rent revenue was earned during the quarter.

$3.$ The note payable is dated January $1$ and bears $12\%$ interest.

$4.$ Supplies on hand total $$912.$

$5.$ The insurance policy is a two$-$year policy dated January $1.$ What is the ending balance for prepaid insurance? Ending balnce for unearned rent revenue? Ending balance for rent revenue?

Answer rating: 100% (QA)

1 Prepaid Insurance Initial Balance 6160 Policy Duration Two years 24 months Monthly Depreciation 68... View the full answer