Reference no: EM13501998
The ledger of ABC Co., on Nlarch 31, 2001, include the following selected accounts before preparing adjusting entries:
Prepaid Insurance 3t600 Cr.e.d.j1
Supplies 2.800
Equipment 25,000
Accumulated Depreciation-Equipment 8,400
Notes Payable 20.000
Unearned Rent Revenue 9,300
Rent Revenue 60.000
Interest Expense - 0 -
Wage Expense 14.000
An analysis of the accounts shows the follow iny,
1. The equipment depreciates $250 per month.
2. One-third of the unearned rent was earned during the quarter.
3. Interest of 5500 is accrued on the notes payable.
4. Insurance expires at the rate of 5300 per month.
5. Supplies on hand total 5850.
Instructions: assuming that adjustments arc made quarterly:
Compute the depreciation expense, rent revenue, interest expense, insurance expense and supplies expense recognized during the first quarter of 2011. 2. Prepare a partial adjusted trial balance on Starch 31, 2011.
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