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Problem
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
Debit
Credit
Prepaid Insurance
$ 12,600
Supplies
2,700
Equipment
25,000
Accumulated Depreciation-Equipment
$ 8,400
Notes Payable
24,000
Unearned Rent Revenue
10,700
Rent Revenue
58,000
Interest Expense
0
Salaries and Wages Expense
11,000
An analysis of the accounts shows the following.
1. The equipment depreciates $400 per month.2. One-third of the unearned rent revenue was earned during the quarter.3. Interest totaling $600 is accrued on the notes payable for the quarter.4. Supplies on hand total $880.5. Insurance expires at the rate of $700 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.
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