Question1

--/25

View Policies

Current Attempt in Progress

A partial tabular summary forHoward Rental Agencyon March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

Assets

=

Liabilities

+

Stockholders' Equity

Supplies+Prepaid Insurance+Equip.

-Acc. Depr.-

Equip.Int.

Pay.+Notes Pay.+Unearn. Rent

Rev.Com.

Stock

+Reatined Earnings=

+Rev.

-Exp.

-DivBal.3,0003,60025,000-8,400020,00012,400

An analysis of the accounts shows the following.

1.The equipment depreciates $280per month.2.Half of the unearned rent revenue was earned during the quarter.3.Interest of $400is accrued on the notes payable.4.Supplies on hand total $850.5.Insurance expires at the rate of $400per month.

Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly.(If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets

=

Liabilities

+

Stockholders' Equity

Supplies+Prepaid Insurance+Equip.

-Acc. Depr.-

Equip.Int.

Pay.+Notes Pay.+Unearn. Rent

Rev.Com.

Stock

+Retained Earnings=

+Rev.

-Exp.

-DivBal.3,0003,60025,000-8,400020,00012,4001.

Utilities Expense

Supplies Expense

Insurance Expense

Rent Revenue

Interest Expense

Depreciation Expense

Salaries & Wages Expense

2.

Interest Expense

Salaries & Wages Expense

Rent Revenue

Depreciation Expense

Insurance Expense

Utilities Expense

Supplies Expense

3.

Insurance Expense

Salaries & Wages Expense

Supplies Expense

Interest Expense

Utilities Expense

Depreciation Expense

Rent Revenue

4.

Rent Revenue

Interest Expense

Depreciation Expense

Salaries & Wages Expense

Insurance Expense

Supplies Expense

Utilities Expense

5.

Rent Revenue

Interest Expense

Utilities Expense

Salaries & Wages Expense

Depreciation Expense

Supplies Expense

Insurance Expense

Save for Later

Attempts: unlimited

Question I View Policies Current Attempt in Progress A partial tabular summary for Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr.- Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip. = Pay. + Notes Pay. + Rev. + Stock + Rev. - Exp. - Div Bal. 3,000 3,600 25,000 -8,400 0 20,000 12,400 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. Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Acc. Depr.- Int. Unearn. Rent Cor Supplies Prepaid Insurance Equip. Equip. Pay. Notes Pay. Rev. Stor Bal. 3,000 3,600 25,000 -8,400 20,000 12,400 1 3. 4. 5