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Prepare the adjusting entries at march

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Reference no: EM131773015

Question - The ledger of Thurston Rental Agency on March 31 of the current year includes these selected accounts before adjusting entries have been prepared.

Prepaid Insurance Debit $3,600

Supplies 3,000

Equipment 25,000

Accumulated Depreciation-Equip Credits $8,400

Notes payable 20,000

Unearned Rent Revenue 10,200

Rent Revenue 60,000

Interest Expense 0

Wage Expense 14,000

An Analysis of the accounts shows the following,

1. The equipment depreciates $280 per month

2. Half of the unearned rent revenue was earned during the quarter.

3. Interest of $440 is accrued on the notes payable.

4. Supplies on hand total $850.

5. Insurance expires at the rate of $400 per month.

Prepare the adjusting entries at March 32, assuming thqat adjusting entries are made quarterly.

Reference no: EM131773015

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