The ledger of Sagovic Rental Agency on March 31 of the current year includes the selected accounts on page 206 before adjusting entries have been prepared.
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| Prepaid Insurance | $3,600 | |
| Supplies | 3,000 | |
| Equipment | 25,000 | |
| Accumulated Depreciation—Equipment | $8,400 | |
| Notes Payable | 20,000 | |
| Unearned Rent Revenue | 12,400 | |
| Rent Revenue | 60,000 | |
| Interest 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.
Instructions
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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