The ledger of Villa Rental Agency on March 31 of the current year includes the selected...

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The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared, Debit Credit Prepaid Insurance €2,500 Supplies 2,600 Equipment 27,500 Accumulated Depreciation-Equipment €8,700 Notes Payable 22,000 Unearned Rent Revenue 9,600 Rent Revenue 62.000 Interest Expense Salaries and Wages Expense 20,000 An analysis of the accounts shows the following 1. The equipment depreciates €500 per month 2. One-third of the unearned rent revenue was recognized as revenue during the quarter. 3. Interest of €500 is accrued on the notes payable. 4. Supplies on hand total €980. 5. Insurance expires at the rate of €800 per month Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are outomaticolly indented when the amount is entered Do not indent manuolly No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31 Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared, Debit Credit Prepaid Insurance €2,500 Supplies 2,600 Equipment 27,500 Accumulated Depreciation-Equipment €8,700 Notes Payable 22,000 Unearned Rent Revenue 9,600 Rent Revenue 62.000 Interest Expense Salaries and Wages Expense 20,000 An analysis of the accounts shows the following 1. The equipment depreciates €500 per month 2. One-third of the unearned rent revenue was recognized as revenue during the quarter. 3. Interest of €500 is accrued on the notes payable. 4. Supplies on hand total €980. 5. Insurance expires at the rate of €800 per month Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are outomaticolly indented when the amount is entered Do not indent manuolly No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31 Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score

Answer rating: 100% (QA)

A C D 1 SI No Accounts title and explanation Debit Credit Depreciatio... View the full answer