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Prepare the adjusting entries at March

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Question - The ledger of Construction Rental ltd. on March 31, 2021 includes the following accounts before quarterly adjusting entries have been prepared:

Debit

Prepaid insurance $3600

Supplies 2800

Equipment 25000

Cash 146400

Interest Expense -0-

Salaries and Wages Expense 14000

Credit

Accumulated depreciation - equipment $8400

Common shares 84100

Retained earnings 10000

Notes payable 20000

Unearned rent revenue 9300

Rent revenue 60000

Debit = Credit

191,800 191,800

An analysis of the accounts shows the following:

-The equipment depreciation is $350 per month

-One half of the unearned rent was earned during the quarter

-The 1-year, 6% notes payable have been outstanding since January 1 of the current year. The interests are due at maturity.

-Supplies on hand total $950

-Insurance expires at the rate of $300 per month

The company has a 30% income tax rate.

Required - Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly?

Reference no: EM133127557

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