Reference no: EM132473714
The ledger of Crane Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.
Debit Credit
Prepaid Insurance $ 3,600
Supplies 3,300
Equipment 18,750
Accumulated Depreciation-Equipment $ 8,300
Notes Payable 24,000
Unearned Rent Revenue 10,200
Rent Revenue 61,000
Interest Expense 0
Salaries and Wages Expense 16,000
An analysis of the accounts shows the following.
Point 1: The equipment depreciates $300 per month
Point 2: One-third of the unearned rent revenue was earned during the quarter.
Point 3: Interest of $600 is accrued on the notes payable.
Point 4: Supplies on hand total $660.
Point 5: Insurance expires at the rate of $200 per month.
Question 1: How do 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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