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accrued revenue, or accrued exper. (overstated or understated). E4-9 The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. s from Credit Debit $ 3,000 3,600 25,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue $ 8,400 20,000 12,400 60,000 Rent Revenue Interest Expense Salaries and Wages Expense 14,000 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. da cometo o Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made terly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. quar-

accrued revenue, or accrued exper. (overstated or understated). E4-9 The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. s from Credit Debit $ 3,000 3,600 25,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue $ 8,400 20,000 12,400 60,000 Rent Revenue Interest Expense Salaries and Wages Expense 14,000 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. da cometo o Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made terly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. quar-

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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accrued revenue, or accrued exper. (overstated or understated). E4-9 The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. s from Credit Debit $ 3,000 3,600 25,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue $ 8,400 20,000 12,400 60,000 Rent Revenue Interest Expense Salaries and Wages Expense 14,000 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. da cometo o Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made terly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. quar-
Transcribed Image Text:accrued revenue, or accrued exper. (overstated or understated). E4-9 The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. s from Credit Debit $ 3,000 3,600 25,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue $ 8,400 20,000 12,400 60,000 Rent Revenue Interest Expense Salaries and Wages Expense 14,000 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. da cometo o Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made terly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. quar-
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