The ledger of Bramble Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared
The ledger of Bramble Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared
| Credit | Debit | |
| Supplies | $3,160 | |
| Prepaid insurance | 3,870 | |
| Equipment | 29,300 | |
| Accumulated Depreciation-Equipment | $8,790 | |
| Notes Payable | 19,300 | |
| Unearned Rent Revenue | 11,300 | |
| Rent Revenue | 55,800 | |
| Interest Expense | 0 | |
| Salaries and Wages Expense | 12,200 |
An analysis of the accounts shows the following
1. The equipment depreciates $270 per month
2. Half of the uneared rent revenue was earned during the quarter
3. Interest of $550 is accrued on the notes payable
4. Supplies on hand total $950.
5. Insurance expires at the rate of 5430 per month
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Homework Answers
Adjusting entries
| No | Date | General Journal | Debit | Credit |
| 1 | May 31 | Depreciation expense (270*3) | 810 | |
| Accumulated depreciation-equipment | 810 | |||
| 2 | May 31 | Unearned rent revenue (11300/2) | 5650 | |
| Rent revenue | 5650 | |||
| 3 | May 31 | Interest expense | 550 | |
| Interest payable | 550 | |||
| 4 | May 31 | Supplies expense (3160-950) | 2210 | |
| Supplies | 2210 | |||
| 5 | May 31 | Insurance expense (430*3) | 1290 | |
| Prepaid insurance | 1290 | |||
Add Answer to:
The ledger of Bramble Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared
The ledger of Kingbird, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
The ledger of Kingbird, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. $$ \begin{array}{lrr} & \text { Debit } & \text { Credit } \\ \text { Supplies } & \$ 3,690 & \\ \text { Prepaid Insurance } & 2,340 & \\ \text { Equipment } & 29,600 & \\ \text { Accumulated Depreciation–Equipment } & & \$ 8,880 \\ \text { Notes Payable } & 22,000 \\ \text...
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 20,000 Unearned Rent 9,900 Rent Revenue 60,000 Interest Expense –0– Wages Expense 14,000 An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of the unearned rent was earned during the quarter. 3....
The ledger of Cullumber Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
The ledger of Cullumber Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.An analysis of the accounts shows the following .1. The equipment depreciates $320 per month 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $300 is accrued on the notes payable. 4. Supplies on hand total $940. 5. Insurance expires at the rate of $270 per month Prepare the adjusting entries at March 31, assuming that adjusting entries...
The ledger of Piper Rental Agency on March 31 of the current year includes the followingselected accounts before adjusting entries have been prepared
The ledger of Piper Rental Agency on March 31 of the current year includes the followingselected accounts before adjusting entries have been prepared.Debit CreditPrepaid Insurance $ 3,600Supplies 2,800Equipment 25,000AccumulatedDepreciation—Equipment $ 8,400Notes Payable 20,000Unearned Rent 9,900Rent Revenue 60,000Interest Expense –0–Wages Expense 14,000An analysis of the accounts shows the following.1. The equipment depreciates $400 per month.2. One-third of the unearned rent was earned during the quarter.3. Interest of $500 is accrued on the notes payable.4. Supplies on hand total $700.5. Insurance expires...
The ledger of Sheffield Corp. on March 31 of the current year includes the selected accounts,...
The ledger of Sheffield Corp. on March 31
of the current year includes the selected accounts, shown below,
before quarterly adjusting entries have been prepared. Debit Credit
Prepaid Insurance $ 7,200 Supplies 3,400 Equipment 18,750
Accumulated Depreciation—Equipment $ 8,000 Notes Payable 22,000
Unearned Rent Revenue 10,800 Rent Revenue 60,000 Interest Expense 0
Salaries and Wages Expense 20,000 An analysis of the accounts shows
the following. 1. The equipment depreciates $300 per month. 2.
One-third of the unearned rent revenue was...
The ledger of Cheyenne Corp. on March 31 of the current year includes the selected accounts...
The ledger of Cheyenne Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $1,500 Prepaid Insurance 1,800 Equipment 12,500 Accumulated Depreciation-Equipment $4,200 Notes Payable 10,000 Unearned Rent Revenue 6,200 30,000 Rent Revenue Interest Expense Salaries and Wages Expense 7,000 An analysis of the accounts shows the following. 1. The equipment depreciates $140 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3....
The ledger of Pina Colada Corp. on March 31 of the current year includes the selected...
The ledger of Pina Colada Corp. on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Credit Debit $ 1,800 3,400 18,750 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $ 8,600 21,000 9,900 61,000 0 11,000 An analysis of the accounts shows the following. 1. 2. 3. The equipment depreciates $300 per month. One-third of the unearned...
The ledger of Metlock, Inc. on March 31 of the current year includes the selected accounts...
The ledger of Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Credit Debit $3,900 Supplies Prepaid Insurance 4,680 32,500 Equipment Accumulated Depreciation Equipment $10,920 Notes Payable 26,000 Unearned Rent Revenue 16,120 Rent Revenue 78,000 Interest Expense Salaries and Wages Expense 18,200 An analysis of the accounts shows the following. 1. The equipment depreciates $364 per month. 2. Half of the unearned rent revenue was earned during the quarter....
The ledger of Monty Corp.on March 31 of the current year includes the selected accounts below...
The ledger of Monty Corp.on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $3,760 3,960 25,500 $7,650 20,000 11,600 61,200 0 14,000 An analysis of the accounts shows the following. 1. The equipment depreciates $ 400 per month 2. Half of the unearned rent revenue was earned during the quarter....
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
The ledger of Splish Brothers Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared CreditDebitSupplies$8,100Prepaid insurance9,720Equipment67,500Accumulated Depreciation-Equipment$22,680Notes Payable54,000Unearned Rent Revenue33,480Rent Revenue162,000Interest Expense0Salaries and Wages Expense37,800An analysis of the accounts shows the following 1. The equipment depreciates $756 per month 2. Half of the uneared rent revenue was earned during the quarter 3. Interest of $1,080 is accrued on the notes payable 4. Supplies on hand total $2,295. 5. Insurance expires at the rate of $1,080 per...
The ledger of Sheffield Corp. on March 31
of the current year includes the selected accounts, shown below,
before quarterly adjusting entries have been prepared. Debit Credit
Prepaid Insurance $ 7,200 Supplies 3,400 Equipment 18,750
Accumulated Depreciation—Equipment $ 8,000 Notes Payable 22,000
Unearned Rent Revenue 10,800 Rent Revenue 60,000 Interest Expense 0
Salaries and Wages Expense 20,000 An analysis of the accounts shows
the following. 1. The equipment depreciates $300 per month. 2.
One-third of the unearned rent revenue was...
The ledger of Cheyenne Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $1,500 Prepaid Insurance 1,800 Equipment 12,500 Accumulated Depreciation-Equipment $4,200 Notes Payable 10,000 Unearned Rent Revenue 6,200 30,000 Rent Revenue Interest Expense Salaries and Wages Expense 7,000 An analysis of the accounts shows the following. 1. The equipment depreciates $140 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3....
The ledger of Pina Colada Corp. on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Credit Debit $ 1,800 3,400 18,750 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $ 8,600 21,000 9,900 61,000 0 11,000 An analysis of the accounts shows the following. 1. 2. 3. The equipment depreciates $300 per month. One-third of the unearned...
The ledger of Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Credit Debit $3,900 Supplies Prepaid Insurance 4,680 32,500 Equipment Accumulated Depreciation Equipment $10,920 Notes Payable 26,000 Unearned Rent Revenue 16,120 Rent Revenue 78,000 Interest Expense Salaries and Wages Expense 18,200 An analysis of the accounts shows the following. 1. The equipment depreciates $364 per month. 2. Half of the unearned rent revenue was earned during the quarter....
The ledger of Monty Corp.on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $3,760 3,960 25,500 $7,650 20,000 11,600 61,200 0 14,000 An analysis of the accounts shows the following. 1. The equipment depreciates $ 400 per month 2. Half of the unearned rent revenue was earned during the quarter....
Most questions answered within 3 hours.
-
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 1 hour ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 2 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 2 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 2 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 3 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 3 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 3 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 3 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 3 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 3 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 3 hours ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 3 hours ago