Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 0 1. 29,400 26,040 126,000 An analysis of the accounts shows the following The equipment depreciates $588 per month 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $840 is accrued on the notes payable. 4. Supplies on hand total $1,785 5. Insurance expires at the rate of $840 per month Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit
Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 0 1. 29,400 26,040 126,000 An analysis of the accounts shows the following The equipment depreciates $588 per month 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $840 is accrued on the notes payable. 4. Supplies on hand total $1,785 5. Insurance expires at the rate of $840 per month Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The ledger of Concord Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries
have been prepared.
1.
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
2.
3
Notes Payable
Unearned Rent Revenue
Rent Revenue
Interest Expense
Salaries and Wages Expense
A
1.
2.
5.
3.
No. Date Account Titles and Explanation
4.
An analysis of the accounts shows the following.
The equipment depreciates $588 per month.
Half of the unearned rent revenue was earned during the quarter.
Interest of $8.40 is accrued on the notes payable.
Supplies on hand total $1,785.
Insurance expires at the rate of $840 per month
5.
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.)
Mar 31
Mar. 31
Mar. 31
Debit
$6,300
7,560
52,500
Mar 31
Mar. 31
0
29,400
Credit
$17.640
42,000
26,040
126,000
Debit
Credit
100000
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