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Preparation of journal entries for depreciation, unearned and accrued transactions.
1. 5 (Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debit
Credit
Prepaid Insurance
$3,600
Supplies
2,800
Equipment
25,000
Accumulated Depreciation-Equip.
$8,400
Notes Payable
20,000
Unearned Rent Revenue
9,300
Rent Revenue
60,000
Interest Paid
-0-
Wage Expense
14,000
An analysis of the accounts shows the following. 1) The equipment depreciates $250 per month 2) One third of the unearned rent was earned during the first quarter. 3) Interest of $500 is accrued in notes payable. 4) Supplies on hand total $850 5) Insurance expires at the rate of $300 per month
Instructions
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. (Omit explanations.)
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