Prepare quarterly adjustment entries in excel

Assignment Help Accounting Basics

Reference no: EM1357618

The ledger of Welch Rental Agency Inc. 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 - Equipment $ 8,400

Notes Payable 20,000

Unearned Rent 12,000

Rent Revenue 60,000

Interest Expense -0-

Wages Expense 14,000

An analysis of the accounts shows the following.

1. The equipment depreciates $300 per month.

2. One-third of the unearned rent was earned during the quarter.

3. Interest of $500 is accrued on the notes payable.

4. Supplies on hand total $1,100.

5. Insurance expires at the rate of $200 per month.

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. Must use excel spreadsheet format.

Reference no: EM1357618

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