Reference no: EM132461193

the ledger of Wildhorse Co. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

Supplies                                        $3,410

Prepaid Insurance                             3,690

Equipment                                      28,100

Accumulated Depreciation-Equipment  $8,430

Notes Payable                                 21,500

Unearned Rent Revenue                    11,500

Rent Revenue                                 56,300

Interest Expense                                    0

Salaries and Wages Expense              14,500

An analysis of the accounts shows the following.

Point 1. The equipment depreciates $400 per month.

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

Point 3. Interest of $470 is accrued on the notes payable.

Point 4. Supplies on hand total $810.

Point 5. Insurance expires at the rate of $410 per month.

Question 1: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly