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Exercise - Adjusting Journal Entries

The following selected accounts were taken from the general ledger of the Oval Enterprises on September 30 before adjusting entries have been made. Oval makes adjusting entries quarterly.

 

Debit

Credit

Supplies

4,000

Prepaid Rent

5,400

Building

100,000

Notes Receivable

25,000

Accumulated Depreciation

20,000

Unearned Revenue

8,500

Additional Information:

Rent expires at a rate of $800 per month.

Supplies on hand total $1,600.

Utilities incurred in September but not yet recorded or paid are $480.

The building depreciates at a rate of $2,100 per quarter.

$6,100 of the $8,500 unearned revenue has been earned during the quarter.

Interest of $220 on the notes receivable has been earned but not yet recorded.

Prepare the necessary adjusting journal entries at September 30. Do not round intermediate calculations.

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