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(Solution Document) The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.


The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.




Debit

CreditSupplies

$3,000


Prepaid Insurance

3,600


Equipment

25,000


Accumulated Depreciation?Equipment



$8,400Notes Payable



20,000Unearned Rent Revenue



12,400Rent Revenue



60,000Interest Expense

0


Salaries and Wages Expense

14,000



An analysis of the accounts shows the following.


1.

The equipment depreciates $280 per month.2.

Half of the unearned rent revenue was earned during the quarter.3.

Interest of $400 is accrued on the notes payable.4.

Supplies on hand total $850.5.

Insurance expires at the rate of $400 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 


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