The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
| Don't use plagiarized sources. Get Your Custom Essay on the ledger of chopin rental agency on march 31 of the current year includes the foll 497656 For $10/Page 0nly | Debit | Credit | |
| Prepaid Insurance | $3,600 | ||
| Supplies | 2,800 | ||
| Equipment | 25,000 | ||
| Accumulated Depreciation-Equipment | $8,400 | ||
| Notes Payable | 20,000 | ||
| Unearned Rent Revenue | 6,300 | ||
| Rent Revenue | 60,000 | ||
| Interest Expense | -0- | ||
| Wage Expense | 14,000 |
An analysis of the accounts shows the following.
1.The equipment depreciates $250 per month.
2.One-third of the unearned rent was earned during the quarter.
3.Interest of $500 is accrued on the notes payable.
4.Supplies on hand total $650.
5.Insurance expires at the rate of $300 per month.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense; Insurance Expense; Interest Payable; and Supplies Expense.
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