The ledger of Sage Hill Rental Agency on March 31, 2024, includes the following selected accounts before preparing quarterly adjusting entries: Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Notes payable Rent revenue Salaries expense 1. 2. 3. 4. An analysis of the accounts shows the following: 5. Debit 6. $15,300 3,720 40,320 14,200 Credit $10,080 9,200 24,000 30,200 The equipment has a four-year useful life. One-quarter of the unearned rent is still unearned on March 31, 2024. The note payable has an interest rate of 8%. Interest is paid every June 30 and December 31. Supplies on hand at March 31 total $810. The one-year insurance policy was purchased on January 1, 2024. As at March 31, a tenant owed Sage Hill $770 for the month of March.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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F.22.

 

The ledger of Sage Hill Rental Agency on March 31, 2024, includes the following selected accounts before preparing quarterly
adjusting entries:
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-equipment
Unearned revenue
Notes payable
Rent revenue
Salaries expense
1.
2.
3.
An analysis of the accounts shows the following:
4.
5.
Debit
6.
$15,300
3,720
40,320
14,200
Credit
$10,080
9,200
24,000
30,200
The equipment has a four-year useful life.
One-quarter of the unearned rent is still unearned on March 31, 2024.
The note payable has an interest rate of 8%. Interest is paid every June 30 and December 31.
Supplies on hand at March 31 total $810.
The one-year insurance policy was purchased on January 1, 2024.
As at March 31, a tenant owed Sage Hill $770 for the month of March.
Transcribed Image Text:The ledger of Sage Hill Rental Agency on March 31, 2024, includes the following selected accounts before preparing quarterly adjusting entries: Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Notes payable Rent revenue Salaries expense 1. 2. 3. An analysis of the accounts shows the following: 4. 5. Debit 6. $15,300 3,720 40,320 14,200 Credit $10,080 9,200 24,000 30,200 The equipment has a four-year useful life. One-quarter of the unearned rent is still unearned on March 31, 2024. The note payable has an interest rate of 8%. Interest is paid every June 30 and December 31. Supplies on hand at March 31 total $810. The one-year insurance policy was purchased on January 1, 2024. As at March 31, a tenant owed Sage Hill $770 for the month of March.
5. The one-year insurance policy was purchased on January 1, 2024.
6. As at March 31, a tenant owed Sage Hill $770 for the month of March.
1. Mar. 31
2. Mar. 31
3. Mar. 31
4. Mar. 31
5. Mar. 31
6. Mar. 31
TUO
Transcribed Image Text:5. The one-year insurance policy was purchased on January 1, 2024. 6. As at March 31, a tenant owed Sage Hill $770 for the month of March. 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31 6. Mar. 31 TUO
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