Reference no: EM132669321
Question - The ledger of Skysong, Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debit Credit
Supplies $2,640
Prepaid Insurance 3,168
Equipment 22,000
Accumulated Depreciation-Equipment $7,392
Notes Payable 17,600
Unearned Rent Revenue 10,912
Rent Revenue 52,800
Interest Expense 0
Salaries and Wages Expense 12,320
An analysis of the accounts shows the following.
1. The equipment depreciates $248 per month.
2. Half of the unearned rent revenue was earned during the quarter.
3. Interest of $352 should be accrued on the notes payable.
4. Supplies on hand total $748.5.Insurance expires at the rate of $352 per month.
Required - Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
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