Explanation The amount of depreciation on equipment is $250 per month. Now calculate the total accumulated depreciated amount for the quarter. Accumulated depreciation = Depreciation amount × No of months in quarter = $ 250 × 3 Months = $750 Now post the adjusting entry to the above transaction. Date Account Title and Explanation Post Ref. Debit ($) Credit ($) March 31 Depreciation expenses 750 Accumulated depreciation 750 (To record accumulated depreciation of the equipment) Justification: Depreciation expenses is an expense and it is debited. Accumulated depreciation increased and therefore, it is credited. The rent revenue is $9,300 and the unearned rent was recognized as revenue. Unearned rent revenue = Rent revenue × 1 3 = $ 9 , 300 × 1 3 = $3,100 Now post the adjusting entry of unearned rent revenue. Date Account Title and Explanation Post Ref. Debit ($) Credit ($) March 31 Unearned rent revenue 3,100 Rent revenue 3,100 (To record unearned rent revenue of the company) Justification: Unearned rent revenue is an expense and increased it is debited. Rent revenue increased and therefore, it is credited. The interest of $500 was accrued on notes payable. Date Account Title and Explanation Post Ref. Debit ($) Credit ($) March 31 Interest expense 500 Interest payable 500 (To record interest expenses accrued) Justification: Interest expenses is an expense...

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ISBN: 9781119503668

Author: Kieso

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Chapter 3, Problem 5E

To determine

To prepare: To prepare the adjusting entries for the DR Agency.

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Chapter 3, Problem 4E

Chapter 3, Problem 6E

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Chapter 3 Solutions

INTERMEDIATE ACCOUNTING (LOOSELEAF)

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - 3. Name the accounts debited and credited for each...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - 6. Is it necessary that a trial balance be taken...Ch. 3 - Prob. 7Q Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - 10. What differences are there between the trial...

Ch. 3 - Prob. 11Q Ch. 3 - 12. What are closing entries and why are they...Ch. 3 - Prob. 14Q Ch. 3 - Prob. 15Q Ch. 3 - Prob. 16Q Ch. 3 - Prob. 17Q Ch. 3 - Prob. 18Q Ch. 3 - Prob. 19Q Ch. 3 - BE3-1 (L03) Transactions for Mehta Company for the...Ch. 3 - Prob. 2BE Ch. 3 - BE3-4 (L03,4) Using the data in BE3-3, journalize...Ch. 3 - Prob. 5BE Ch. 3 - Prob. 6BE Ch. 3 - Prob. 7BE Ch. 3 - Prob. 8BE Ch. 3 - Prob. 9BE Ch. 3 - Prob. 10BE Ch. 3 - Prob. 11BE Ch. 3 - Prob. 13BE Ch. 3 - E3-1 (L03) (Transaction Analysis—Service Company)...Ch. 3 - Prob. 5E Ch. 3 - Prob. 6E Ch. 3 - Prob. 8E Ch. 3 - E3-14 (L06,7) (Closing Entries) Presented below is...Ch. 3 - Prob. 15E Ch. 3 - Prob. 17E Ch. 3 - Prob. 20E Ch. 3 - P3-1 (L03,5,6) (Transactions, Financial...Ch. 3 - Prob. 5P Ch. 3 - Prob. 9P Ch. 3 - Prob. 10P Ch. 3 - Prob. 1CRC Ch. 3 - Prob. 1IST Ch. 3 - Prob. 2IST Ch. 3 - Prob. 3IST Ch. 3 - Prob. 4IST Ch. 3 - Prob. 5IST Ch. 3 - Prob. 1ICA Ch. 3 - Prob. 2ICA Ch. 3 - Prob. 3ICA Ch. 3 - Prob. 4ICA Ch. 3 - Prob. 5ICA

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