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The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
Debit
CreditSupplies
$3,000
Prepaid Insurance
3,600
Equipment
25,000
Accumulated Depreciation—Equipment
$8,400Notes Payable
20,000Unearned Rent Revenue
12,400Rent Revenue
60,000Interest Expense
0
Salaries and Wages Expense
14,000
An analysis of the accounts shows the following.
1.
The equipment depreciates $280 per month.2.
Half of the unearned rent revenue was earned during the quarter.3.
Interest of $400 is accrued on the notes payable.4.
Supplies on hand total $850.5.
Insurance expires at the rate of $400 per month.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (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.)
