Reference no: EM132562343
Question - The ledger of Monty Corp. on March 31 of the current year includes the following selected accounts before quarterly adjusting entries have been prepared:
Debit Credit
Prepaid Insurance $4,200
Supplies 2,770
Equipment 25,350
FV-OCI Investments 154,000
Accumulated Depreciation-Equipment $9,360
Notes Payable 28,600
Unearned Rent Revenue 8,950
Rent Revenue 61,900
Interest Expense -0-
Salaries and Wages Expense 13,300
An analysis of the accounts shows the following:
1. The equipment depreciation is $390 per month.
2. One half of the unearned rent was earned during the quarter.
3. Interest of $429 has accrued on the notes payable.
4. Supplies on hand total $975.5. Insurance expires at the rate of $350 per month.6. The FV-OCI Investments were purchased for $154,000 on March 1. No investments were purchased or sold after that date. The fair value on March 31 was $174,000.
Required -
1. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
2. If the notes payable have been outstanding since January 1 of the current year, what is the annual interest rate on the notes payable?
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