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Prepare the adjusting entries

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Reference no: EM13332569

The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debit
Credit
Prepaid Insurance
$3,880

Supplies
2,830

Equipment
29,110

Accumulated Depreciation-Equipment


$8,570
Notes Payable


23,120
Unearned Rent Revenue


7,200
Rent Revenue


66,530
Interest Expense
-0-

Salaries and Wages Expense
23,510


An analysis of the accounts shows the following.

1.
The equipment depreciates $310per month.
2.
One-third of the unearned rent was earned during the quarter.
3.
Interest of $580is accrued on the notes payable.
4.
Supplies on hand total $700.
5.
Insurance expires at the rate of $370per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

Reference no: EM13332569

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