The ledger of Sheridan Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
Debit Credit
Supplies $9,000
Prepaid Insurance 10,800
Equipment 75,000
Accumulated Depreciation
—Equipment $25,200
Notes Payable 60,000
Unearned Rent Revenue 37,200
Rent Revenue 180,000
Interest Expense 0
Salaries and Wages Expense 42,000
An analysis of the accounts shows the following.
1. The equipment depreciates $840 per month.
2. Half of the unearned rent revenue was earned during the quarter.
3. Interest of $1,200 is accrued on the notes payable.
4. Supplies on hand total $2,550.
5. Insurance expires at the rate of $1,200 per month.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Answers: 3
Other questions on the subject: Business
Business, 22.06.2019 08:50, terrancebest
Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4
Answers: 2
Business, 22.06.2019 09:40, ameliaduxha7
You plan to invest some money in a bank account. which of the following banks provides you with the highest effective rate of interest? hint: perhaps this problem requires some calculations. bank 1; 6.1% with annual compounding. bank 2; 6.0% with monthly compounding. bank 3; 6.0% with annual compounding. bank 4; 6.0% with quarterly compounding. bank 5; 6.0% with daily (365-day) compounding.
Answers: 3
Business, 22.06.2019 12:00, dwilburn01
Simon, aged 10, is invited to a classmate's birthday party at an exclusive ski resort on march 15th. the day will include 4 hours of snowboarding, lunch and birthday cake. simon's mother checks a box on the invitation that says "yes, we will attend" and returns it to the classmate's address. unfortunately, they later don't attend the party when simon comes down with the flu. on march 17th, simon's mother receives an invoice in the mail from simon's classmate for $35 that says, "party no-show fee." can simon's classmate collect the fee?
Answers: 3
Business, 22.06.2019 13:40, nina1390
Determine if the following statements are true or false. an increase in government spending can crowd out private investment. an improvement in the budget balance increases the demand for financial capital. an increase in private consumption may crowd out private investment. lower interest rates can lead to private investment being crowded out. a trade balance in sur+ increases the supply of financial capital. if private savings is equal to private investment, then there is neither a budget sur+ nor a budget deficit.
Answers: 1
You know the right answer?
The ledger of Sheridan Company on March 31 of the current year includes the selected accounts below...
Questions in other subjects:
History, 01.02.2021 16:30
Biology, 01.02.2021 16:30
Physics, 01.02.2021 16:30
