Solution-Prepare the adjusting entries at March

Prepare the adjusting entries at March

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Reference no: EM132229599

Question - The ledger of Deng Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared:

	Debit	Credit
Prepaid Insurance	$4,200
Supplies	2,690
Equipment	24,500
Accumulated Depreciation - Equipment		$8,160
Notes Payable		16,700
Unearned Revenue		9,200
Rent Revenue		41,750
Interest Expense	0
Wages Expense	19,900

An analysis of the accounts shows the following:

1. The equipment depreciation is $340 per month.

2. One-half of the unearned revenue was earned during the quarter. (Use Unearned Revenue account.).

3. Supplies on hand total $730.

4. Insurance expires at the rate of $350 per month.

Required - Prepare the adjusting entries at March 31, assuming adjusting entries are made quarterly and that Deng has a December 31 year end.

Reference no: EM132229599

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Prepare the adjusting entries at March

Reference no: EM132229599

Reference no: EM132229599

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