Instructions: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, Interest Expense and Supplies Expense. Assignment on Adjusting Entries The ledger of XYZ Leasing Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance P36,000 Supplies 28,000 Equipment 250,000 Accumulated Depreciation- Equipment P84,000 Notes Payable 200,000 Unearned Rent Revenue 93,000 Rent Revenue 600,000 Wage Expense 140,000 An analysis of the accounts shows the following: 1. The equipment depreciates P5,000 per month. 2. One-third of the unearned rent was earned during the quarter. 3. Interest of P6,.000 is accrued on the notes payable. 4. Supplies on hand total P8,500. 5. Insurance expires at the rate of P2,000 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, Interest Expense and Supplies Expense. Assignment on Adjusting Entries The ledger of XYZ Leasing Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance P36,000 Supplies 28,000 Equipment 250,000 Accumulated Depreciation- Equipment P84,000 Notes Payable 200,000 Unearned Rent Revenue 93,000 Rent Revenue 600,000 Wage Expense 140,000 An analysis of the accounts shows the following: 1. The equipment depreciates P5,000 per month. 2. One-third of the unearned rent was earned during the quarter. 3. Interest of P6,.000 is accrued on the notes payable. 4. Supplies on hand total P8,500. 5. Insurance expires at the rate of P2,000 per month

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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