Homework Help is Here – Start Your Trial Now!
Business
Accounting
Current Attempt in Progress The ledger of Waterway Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $4,800 5,760 40,000 $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following. 1. The equipment depreciates $448 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $640 is accrued on the notes payable. 4. Supplies on hand total $1,360. 5. Insurance expires at the rate of $640 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Mar. 31 2. Mar. 31 က 3. Mar. 31 4. Mar. 31 5. Mar. 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer

Current Attempt in Progress The ledger of Waterway Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $4,800 5,760 40,000 $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following. 1. The equipment depreciates $448 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $640 is accrued on the notes payable. 4. Supplies on hand total $1,360. 5. Insurance expires at the rate of $640 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Mar. 31 2. Mar. 31 က 3. Mar. 31 4. Mar. 31 5. Mar. 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section14.1: Uncollectible Accounts Receivable
Problem 1OYO
See similar textbooks
icon
Related questions
Question
Current Attempt in Progress The ledger of Waterway Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $4,800 5,760 40,000 $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following. 1. The equipment depreciates $448 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $640 is accrued on the notes payable. 4. Supplies on hand total $1,360. 5. Insurance expires at the rate of $640 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Mar. 31 2. Mar. 31 က 3. Mar. 31 4. Mar. 31 5. Mar. 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:Current Attempt in Progress The ledger of Waterway Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $4,800 5,760 40,000 $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following. 1. The equipment depreciates $448 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $640 is accrued on the notes payable. 4. Supplies on hand total $1,360. 5. Insurance expires at the rate of $640 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Mar. 31 2. Mar. 31 က 3. Mar. 31 4. Mar. 31 5. Mar. 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS