The ledger of Concord Corporation on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.     Debit   Credit Supplies   $3,560     Prepaid Insurance   2,790     Equipment   25,800     Accumulated Depreciation—Equipment       $7,740 Notes Payable       21,900 Unearned Rent Revenue       10,800 Rent Revenue       57,000 Interest Expense   0     Salaries and Wages Expense   14,400     An analysis of the accounts shows the following. 1.   The equipment depreciates $270 per month. 2.   Half of the unearned rent revenue was earned during the quarter. 3.   Interest of $450 is accrued on the notes payable. 4.   Supplies on hand total $880. 5.   Insurance expires at the rate of $310 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (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 Debit Credit 1. Mar. 31 enter an account title to record the first transaction Enter a debit amount Enter a credit amount     enter an account title to record the first transaction Enter a debit amount Enter a credit amount 2. Mar. 31 enter an account title to record the second transaction Enter a debit amount Enter a credit amount     enter an account title to record the second transaction Enter a debit amount Enter a credit amount 3. Mar. 31 enter an account title to record the third transaction Enter a debit amount Enter a credit amount     enter an account title to record the third transaction Enter a debit amount Enter a credit amount 4. Mar. 31 enter an account title to record the fourth transaction Enter a debit amount Enter a credit amount     enter an account title to record the fourth transaction Enter a debit amount Enter a credit amount 5. Mar. 31 enter an account title to record the fifth transaction Enter a debit amount Enter a credit amount     enter an account title to record the fifth transaction Enter a debit amount Enter a credit amount

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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The ledger of Concord Corporation on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

    Debit   Credit
Supplies
  $3,560    
Prepaid Insurance
  2,790    
Equipment
  25,800    
Accumulated Depreciation—Equipment
      $7,740
Notes Payable
      21,900
Unearned Rent Revenue
      10,800
Rent Revenue
      57,000
Interest Expense
  0    
Salaries and Wages Expense
  14,400    


An analysis of the accounts shows the following.

1.   The equipment depreciates $270 per month.
2.   Half of the unearned rent revenue was earned during the quarter.
3.   Interest of $450 is accrued on the notes payable.
4.   Supplies on hand total $880.
5.   Insurance expires at the rate of $310 per month.


Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly(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
Debit
Credit
1.
Mar. 31
enter an account title to record the first transaction
Enter a debit amount
Enter a credit amount
   
enter an account title to record the first transaction
Enter a debit amount
Enter a credit amount
2.
Mar. 31
enter an account title to record the second transaction
Enter a debit amount
Enter a credit amount
   
enter an account title to record the second transaction
Enter a debit amount
Enter a credit amount
3.
Mar. 31
enter an account title to record the third transaction
Enter a debit amount
Enter a credit amount
   
enter an account title to record the third transaction
Enter a debit amount
Enter a credit amount
4.
Mar. 31
enter an account title to record the fourth transaction
Enter a debit amount
Enter a credit amount
   
enter an account title to record the fourth transaction
Enter a debit amount
Enter a credit amount
5.
Mar. 31
enter an account title to record the fifth transaction
Enter a debit amount
Enter a credit amount
   
enter an account title to record the fifth transaction
Enter a debit amount
Enter a credit amount
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