Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. The ledger of Duggan Rental Agency on March 31 of current year comprises the following selected accounts before adjusting entries have been prepared.

  Debit Credit
Prepaid Insurance  $3,600  
Supplies  2,800  
Equipment  25,000  
Accumulated Depreciation-Equip.    $8,400
Notes Payable    20,000
Unearned Rent Revenue    9,300
Rent Revenue    60,000
Interest Paid -0-  
Wage Expense  14,000  

An analysis of accounts shows the following.

1) Equipment depreciates $250 per month
2) One third of the unearned rent was earned during the first quarter.
3) Interest of $500 is accrued in notes payable.
4) Supplies on hand total $850
5) Insurance expires at the rate of $300 per month

problem:

Create adjusting entries at March 31, suppose that adjusting entries are made quarterly.
Additional accounts are: Depreciation Expense; Insurance expense; Interest Payable; and Supplies expense.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921854

Have any Question? 


Related Questions in Accounting Basics

Discussion questions- intermediate accounting 22please

Discussion Questions- Intermediate Accounting 22 Please answer each of the 4 question compounds in at least 200 words., for an 800 word total paper. Please asnwer them individually. Thank you 1. What is a change in accou ...

1 consider the activities undertaken by a medical clinic in

1. Consider the activities undertaken by a medical clinic in your area. Required a. Do you consider a job order cost accounting system appropriate for the clinic? b. Identify as many factors as possible to lead you to co ...

Accounting for business decisions melbourne assignment-the

Accounting for Business Decisions Melbourne Assignment- The assignment will undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that y ...

Analyzing capital expendituresassume that you have received

Analyzing Capital Expenditures Assume that you have received a capital expenditure request for $52,000 for plant equipment and that you are required to do a justification analysis using capital budgeting techniques. The ...

What a baker doesdiscuss the business activitiesprocesses

What a Baker does? Discuss the business activities/processes of the organisation to show your understanding about the business.

Taskin april 2016 the fair work ombusman released a report

Task In April 2016, the Fair Work Ombusman released a report on the findings of this inquiry on the 7 Eleven franchise network. The inquiry was prompted by allegations of systemic non-compliance with federal workplace la ...

The president of coopie awards was analyzing the actual and

The president of Coopie Awards was analyzing the actual and budgeted results of operations for the current year. She noticed several favorable variances and, in a meeting gave accolades to the production manager. She als ...

Classification of liabilities presented below are various

(Classification of Liabilities) Presented below are various account balances of K.D. Lang Inc. (a) Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year. (b) Bank loans payable of a ...

Practice questionsin what circumstances would you recommend

Practice questions: In what circumstances would you recommend the use of the machine hour overhead absorption rate?

Questionsq1 the largest current asset on waverly

Questions: Q1. The Largest current asset on Waverly Corporation's balance sheet is Short-Term Investments. The investments cost Waverly $8,660, and their market value is $9,000. Suppose Waverly holds the investments in t ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate