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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 86% (15 reviews)
1 Mar 31 Depreciation Expense 280 X 3 840 Accumulated Depreciation Eq...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts...
-
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the...
-
The ledger of Sagovic Rental Agency on March 31 of the current year includes the selected accounts on page 206 before adjusting entries have been prepared. An analysis of the accounts shows the...
-
7 8 0 The following data is provided for the Piedmont Corporation. All costs are actual costs. Complete the cost flows diagram attached to this problem and calculate CGM and CGS. Prepare journal...
-
The capital investment committee of Estate Landscaping Company is considering two capital investments. The estimated income from operations and net cash flows from each investment are as follows:...
-
A worker-machine operation was found to involve 3.3 minutes of machine time per cycle. In the course of 40 cycles of a stopwatch time study, the workers time loading and unloading the machine...
-
The following are figures for a monopsonist employer: Number of workers Wage rate () Total cost of labour () Marginal cost of labour () Marginal revenue product () (1) (2) (3) (4) (5) 1 100 100 110...
-
The Whitewater LLP is equally owned by three partners and has the following balance sheet at the end of the current tax year: Partner Petula is an active (i.e., general) partner retiring from the...
-
Please answer this ASAP. C++ Exercise 2 Look at the example on page 167. [4 points] 1. Write code to create a test.txt file with the following content: Andrew Miller 87.50 89 65.75 37 98.50 Tip: Use...
-
If the peg at B is smooth, determine the components of reaction at the pin A and fixed supportC. 500 N 600 mm- -600 mm- 800 mm 45 900 N-m
-
Wang Company accumulates the following adjustment data at December 31. (a) Services performed but unbilled total $600. (b) Store supplies of $160 are on hand. The supplies account shows a $1900...
-
Len Kumar started his own consulting firm. Kumar Consulting on June 1, 2017 the trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
Start with the partial model in the file Ch12 P10 Build a Model.xls on the textbooks Web site, which contains the 2010 financial statements of Zieber Corporation. Forecast Zeibers 2011 income...
-
What will be printed after running the following program: module Question9; int a = 3, b = 5, c = 1; initial begin b
-
+2.80 nC of charge is uniformly distributed along the top half of a thin rod of total length L = 5.60 cm, while -2.80 nC of charge is uniformly distributed along the bottom half of the rod, as shown...
-
An engineering student has finished his freshman year and has been offered a full-time job with a salary of $20,000/year with prospects of his salary increasing at a rate of $1,200/year until his...
-
Kuperman describes the effect of the 1948 Genocide Convention and the Responsibility to Protect as " eroding the norm of sovereignty." In contrast, proponents of the Responsibility to Protect would...
-
Below is a partial Statement of Financial Position of Malika Bhd as at 31 December 2021: Malika Bhd Partial Statement of Financial Position As at 31 December 2021 i. ii. As at 31 December 2021,...
-
The instruction Brush your hair 5 times is an example of which structure? a. Control b. Repetition c. Selection d. Sequence
-
Let X be a random variable taking on values a1, a2, . . . , pr with probabilities p1, p2, . . . , pr and with E(X) = μ. Define the spread of X as follows: This, like the standard deviation, is a...
-
On April 1, Vagabond Travel Agency Inc. was established. These transactions were completed during the month. 1. Stockholders invested $30,000 cash in the company in exchange for common stock. 2. Paid...
-
Susan Taylor started her own consulting firm, Taylor Made Consulting Inc., on May 1, 2012. The following transactions occurred during the month of May. May 1 Stockholders invested $15,000 cash in the...
-
Robin Klann created a corporation providing legal services, Robin Klann Inc., on July 1, 2012. On July 31 the balance sheet showed: Cash $4,000; Accounts Receivable $2,500; Supplies $500; Equipment...
-
1 . Customs officers had the right to break into the colonists' houses without their permission. This act represents a potential threat and violation of the colonists' property rights and privacy...
-
You invest $1,000 in an account that pays interest at 12 percent annual rate, compounded quarterly. How much would your investment grow to in 5 years? You plan to purchase a BMW M5 sedan for $85,000....
-
Consider Hurd Co., a U.S.-based MNC with a subsidiary in Mexico that deals in Mexican pesos (MXP). The subsidiary requires MXP200,000,000 to finance its operations over the next three years. Assume...
Study smarter with the SolutionInn App