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Prepare the adjusting entries at march

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The ledger of Beckett Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

 

Debit

Credit

Supplies

$3,550

 

Prepaid Insurance

4,140

 

Equipment

24,700

 

Accumulated Depreciation-Equipment

 

$7,410

Notes Payable

 

19,100

Unearned Rent Revenue

 

11,440

Rent Revenue

 

58,500

Interest Expense

0

 

Salaries And Wages Expense

14,600

 

An analysis of the accounts shows the following.

1. The equipment depreciates $330 per month.

2. Half of the unearned rent revenue was earned during the quarter.

3. Interest of $310 is accrued on the notes payable.

4. Supplies on hand total $830.

5. Insurance expires at the rate of $460 per month.

Required:

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

Reference no: EM13856467

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