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Prepare the necessary adjusting journal entries at september

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Reference no: EM131718981

Question - Adjusting Journal Entries

The following selected accounts were taken from the general ledger of the Oval Enterprises on September 30 before adjusting entries have been made. Oval makes adjusting entries quarterly.

Debit Credit

Supplies 4,000

Prepaid Rent 5,400

Building 100,000

Notes Receivable 25,000

Accumulated Depreciation  20,000

Unearned Revenue  8,500

Additional Information:

1. Rent expires at a rate of $900 per month.

2. Supplies on hand total $2,900.

3. Utilities incurred in September but not yet recorded or paid are $440.

4. The building depreciates at a rate of $1,900 per quarter.

5. $4,800 of the $8,500 unearned revenue has been earned during the quarter.

6. Interest of $310 on the notes receivable has been earned but not yet recorded.

Prepare the necessary adjusting journal entries at September 30. Do not round intermediate calculations.

Reference no: EM131718981

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