Solution
Date | General Journal | Debit | Credit |
March 31, 2021 | Depreciation expense | $ 2,420.00 | |
Accumulated depreciation | $ 2,420.00 | ||
(To record depreciation expense) | |||
March 31, 2021 | Unearned rent revenue | $ 6,300.00 | |
Rent revenue | $ 6,300.00 | ||
(To record rent revenue earned) | |||
March 31, 2021 | Interest expense | $ 522.00 | |
Interest payable | $ 522.00 | ||
(To record interest acrued on notes payable) | |||
March 31, 2021 | Supplies expense | $ 13,240.00 | |
Supplies | $ 13,240.00 | ||
(To record supplies used) | |||
March 31, 2021 | Insurance expense | $ 920.00 | |
Prepaid expense | $ 920.00 | ||
(To record insurance expired) | |||
March 31, 2021 | Accounts receivable | $ 810.00 | |
Rent revenue | $ 810.00 | ||
(To record rent expense accrued) |
Interest expense accrued= (34800 x 6% x (3/12))
Depreciation expense =38720/4/12 x 3
The ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before...
The ledger of Bourque Rental Agency on March 31, 2017, includes the following selected accounts before preparing quarterly adjusting entries: Debit Credit Supplies $14,400 Prepaid insurance 3,600 Equipment 37,800 Accumulated depreciation—equipment $ 9,450 Unearned rent revenue 9,300 Notes payable 30,000 Rent revenue 30,000 Salaries expense 14,000 An analysis of the accounts shows the following: 1.The equipment has a four-year useful life. 2.One quarter of the unearned rent is still unearned on March 31, 2017. 3.The note payable has an interest...
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Exercise 3-05 The ledger of Blue Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Credit Debit $3,888 2,813 26,450 Y Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $9,221 19,570 4,020 64,520 -0- 13,720 An analysis of the accounts shows the following. 1. The equipment depreciates $228 per month. 2. One-third of the unearned rent was recognized...
The ledger of Deng Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared: Credit Debit $4,440 3,700 25,500 Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Revenue $8,880 21.000 9.100 37,400 Rent Revenue Interest Expense Salaries Expense 0 15,500 An analysis of the accounts shows the following: 1. The equipment depreciation is $370 per month. 2. Services relating to one-half of the unearned revenue was earned during the...
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....
Exercise 3-05 The ledger of Oriole Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Credit Debit $3,828 2.783 26,790 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $7,940 21,410 4,770 59,170 13,840 An analysis of the accounts shows the following. 1. The equipment depreciates $246 per month 2. One-third of the unearned rent was recognized as...
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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....