Reference no: EM132813205
The ledger of Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
Supplies $3,900
Prepaid Insurance 4,680
Equipment 32,500
Accumulated Depreciation-Equipment $10,920
Notes Payable 26,000
Unearned Rent Revenue 16,120
Rent Revenue 78,000
Interest Expense 0
Salaries and Wages Expense 18,200
An analysis of the accounts shows the following.
1. The equipment depreciates $364 per month.
2. Half of the unearned rent revenue was earned during the quarter
3. Interest of $520 is accrued on the notes payable.
4. Supplies on hand total $1,105.
5. Insurance expires at the rate of $520 per month.
Problem 1: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
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