-
On March 31, 2021, Sunland Rental Agency Inc's trial balance included the following selected unadjusted account balances. The company's year end is December 31 and it adjusts its accounts quarterly. Credit Debit $15,800 3,100 22.400 Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Deferred revenue Loan payable, due 2023 Rent income Salaries expense $5,700 9,090 19,800 27,700 14,500 An analysis of the accounts shows the following: 1. The equipment, which was purchased on January 1, 2020, is estimated to have a useful...
-
The ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before preparing quarterly adjusting entries. Credit Supplies Debit $14,200 port Prepaid Insurance 3,680 Equipment 38,720 Accumulated Depreciation-Equipment $9.680 Unearned Revenue 8.400 Notes Payable 34,800 Rent Revenue 30,400 Salaries Expense 14,200 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, 2021. 3. The note payable has an...
-
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
-
The ledger of Pharoah Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Credit Debit $8,700 Supplies Prepaid Insurance 10,440 Equipment 72,500 Accumulated Depreciation-Equipment $24,360 Notes Payable Unearned Rent Revenue 58,000 35,960 174,000 Rent Revenue Interest Expense Salaries and Wages Expense 40,600 An analysis of the accounts shows the following 1. The equipment depreciates $812 per month 2. Half of the unearned rent revenue was earned during the quarter. 3....
-
The ledger of Blossom Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $7,800 Prepaid Insurance 9,360 65,000 Equipment Accumulated Depreciation-Equipment $21,840 Notes Payable Unearned Rent Revenue 52,000 32,240 156,000 Rent Revenue Interest Expense Salaries and Wages Expense 36,400 An analysis of the accounts shows the following. 1. The equipment depreciates $728 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3....
-
The ledger of Novak Corp.on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $8,400 Prepaid Insurance 10,080 Equipment 70,000 Accumulated Depreciation-Equipment $23,520 Notes Payable 56,000 Unearned Rent Revenue 34,720 Rent Revenue 168,000 Interest Expense Salaries and Wages Expense 39,200 An analysis of the accounts shows the following. 1. The equipment depreciates $784 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest...
-
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 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...
-
PRINTER VERSION NEXT CALCULATOR Exercise 3-07 (Video) 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 Salaries and Wages Expense 20,000 5 An analysis of the accounts shows the following 1. The equipment depreciates $300 per month...
-
The lodger of Monty Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared Credit Debit $4,500 5,400 37.500 Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $12600 30,000 18,600 90.000 0 21.000 An analysis of the accounts shows the following 1 2 The equipment depreciates $420 per month Half of the unearned rent revenue was earned during...
On March 31, 2021, Sunland Rental Agency Inc's trial balance included the following selected unadjusted account balances. The company's year end is December 31 and it adjusts its accounts quarterly. Credit Debit $15,800 3,100 22.400 Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Deferred revenue Loan payable, due 2023 Rent income Salaries expense $5,700 9,090 19,800 27,700 14,500 An analysis of the accounts shows the following: 1. The equipment, which was purchased on January 1, 2020, is estimated to have a useful...
The ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before preparing quarterly adjusting entries. Credit Supplies Debit $14,200 port Prepaid Insurance 3,680 Equipment 38,720 Accumulated Depreciation-Equipment $9.680 Unearned Revenue 8.400 Notes Payable 34,800 Rent Revenue 30,400 Salaries Expense 14,200 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, 2021. 3. The note payable has an...
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
The ledger of Pharoah Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Credit Debit $8,700 Supplies Prepaid Insurance 10,440 Equipment 72,500 Accumulated Depreciation-Equipment $24,360 Notes Payable Unearned Rent Revenue 58,000 35,960 174,000 Rent Revenue Interest Expense Salaries and Wages Expense 40,600 An analysis of the accounts shows the following 1. The equipment depreciates $812 per month 2. Half of the unearned rent revenue was earned during the quarter. 3....
The ledger of Blossom Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $7,800 Prepaid Insurance 9,360 65,000 Equipment Accumulated Depreciation-Equipment $21,840 Notes Payable Unearned Rent Revenue 52,000 32,240 156,000 Rent Revenue Interest Expense Salaries and Wages Expense 36,400 An analysis of the accounts shows the following. 1. The equipment depreciates $728 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3....
The ledger of Novak Corp.on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $8,400 Prepaid Insurance 10,080 Equipment 70,000 Accumulated Depreciation-Equipment $23,520 Notes Payable 56,000 Unearned Rent Revenue 34,720 Rent Revenue 168,000 Interest Expense Salaries and Wages Expense 39,200 An analysis of the accounts shows the following. 1. The equipment depreciates $784 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest...
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 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...
PRINTER VERSION NEXT CALCULATOR Exercise 3-07 (Video) 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 Salaries and Wages Expense 20,000 5 An analysis of the accounts shows the following 1. The equipment depreciates $300 per month...
The lodger of Monty Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared Credit Debit $4,500 5,400 37.500 Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $12600 30,000 18,600 90.000 0 21.000 An analysis of the accounts shows the following 1 2 The equipment depreciates $420 per month Half of the unearned rent revenue was earned during...