Prepaid Insurance Equipment 53-7 The ledger of Passehl Rental Agency on March...
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Prepaid Insurance Equipment 53-7 The ledger of Passehl Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Credit Debit $ 3,600 2,800, 25,000 Supplies = Bigo accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue 27 Rent Revenue Interest Expense >> Salaries and Wages Expense $ 8,400 20,000 10,200 60,000 -0- 14,000 An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of the unearned rent revenue was earned during the quarter. Interest of $500 is accrued on the notes payable. 4. Supplies on hand total $750. 5. Insurance expires at the rate of $300 per month. , Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense
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