Question

A partial tabular summary for Concord Corporation on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities Stockholders' Equity Prepaid Insurance Reatined Earning Supplies + 3.560 + Acc. Depr: Equip -7,740 Unearn. Rent Rey Int. Pay. + 0 Equip 25,800 Notes Pay 21,900 Com Stock + + Bal. + Rev. 2,790 - Exp. 10,800 An analysis of the accounts shows the following. 1. The equipment depreciates $270 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $450 is accrued on the notes payable. Supplies on hand total $880. Insurance expires at the rate of $310 per month 2. 3. 4 5.

Answer 1

Assets hiabilities Int. Notes, Unearn. + pay pay. Rev. + stockholders? Equatt Commo Relained Earnings t starkt Rev. - Exp. - Div Supplies + Prepaid t Rend + Equip. Ace. Depr. Insurance Eques. 9790 258001 - 7740 Bal. 3560 0 21900 10800 - 810 -S10 Depreciation expenses ܝܐ -5400 5400 3. 450 1-450 Rent Revenue Inderest expense Supplies expense , Insurance expense A K-2680 5. 1-2680 -930 -930 4810 $ 5400 . Explanamion : 1. Depueciation expenses (pa70 x 3 monthles ) 2. Rendl Revenue : (10,800 X/) interest expenser & 450 (geven ( 3560- $ 880 ) = 92680 (9 310x3) 3. Hi Supplies expenses 5. Insurance expense 4930