The ledger of Hager Rental Agency on March 31 of the current year includes the following...

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The ledger of Hager Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. (not a complete trial balance) Debit Credit Supplies 5000 Prepaid Insurance 4200 Equipment Accumulated Depreciation-Equipment 50,000 10,500 Unearned Rent Revenue 9500 Notes Payable 25,000 Rent Revenue 60,000 Interest Expense Salaries & Wages Expense 14,000 The analysis of the accounts shows the following: 1. Supplies on Hand total $2300. 2. The company paid $4,200 on March 1 for a 1-year insurance policy. 3. Equipment depreciates at $500 per month. 4. Unearned Rent revenue represents $9,500 collected on March 1 for services to be performed by 31st March (service performed fully by March 31). 5. Interest of $1000 got accrued on Notes Payable. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made monthly. The ledger of Hager Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. (not a complete trial balance) Debit Credit Supplies 5000 Prepaid Insurance 4200 Equipment Accumulated Depreciation-Equipment 50,000 10,500 Unearned Rent Revenue 9500 Notes Payable 25,000 Rent Revenue 60,000 Interest Expense Salaries & Wages Expense 14,000 The analysis of the accounts shows the following: 1. Supplies on Hand total $2300. 2. The company paid $4,200 on March 1 for a 1-year insurance policy. 3. Equipment depreciates at $500 per month. 4. Unearned Rent revenue represents $9,500 collected on March 1 for services to be performed by 31st March (service performed fully by March 31). 5. Interest of $1000 got accrued on Notes Payable. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made monthly.

Answer rating: 100% (QA)

Event Account Description Debit Credit Supplies expenses Supplies To record supplies used during t... View the full answer