Business, 12.02.2020 01:59 summerjoiner
The ledger of Skysong Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debit
Credit
Prepaid Insurance $4,020
Supplies 2,620
Equipment 28,270
Accumulated Depreciation-Equipment $8,580
Notes Payable 24,980
Unearned Rent Revenue 7,800
Rent Revenue 60,880
Interest Expense –0–
Salaries and Wages Expense 22,050
An analysis of the accounts shows the following.
1. The equipment depreciates $290 per month.
2. One-third of the unearned rent was earned during the quarter.
3. Interest of $680 is accrued on the notes payable.
4. Supplies on hand total $850.
5. Insurance expires at the rate of $370 per month.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Answers: 2
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The ledger of Skysong Rental Agency on March 31 of the current year includes the following selected...
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