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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

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