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Category > Management Posted 09 Oct 2017 My Price 6.00

Chopin Rental Agency

(Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

 

Debit

Credit

Prepaid Insurance

$ 3,600

  

Supplies

2,800

  

Equipment

25,000

  

Accumulated Depreciation—Equipment

  

$ 8,400

Notes Payable

  

20,000

Unearned Rent Revenue

  

6,300

Rent Revenue

  

60,000

Interest Expense

–0–

  

Wage Expense

14,000

  

An analysis of the accounts shows the following.

1. The equipment depreciates $250 per month.

2. One-third of the unearned rent was earned during the quarter.

3. Interest of $500 is accrued on the notes payable.

4. Supplies on hand total $650.

5. Insurance expires at the rate of $300 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; and Supplies Expense. (Omit explanations.)

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Oct 2017 01:10 PM My Price 6.00

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