Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

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Question

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

	Credit	Debit
Supplies	$8,100
Prepaid insurance	9,720
Equipment	67,500
Accumulated Depreciation-Equipment		$22,680
Notes Payable		54,000
Unearned Rent Revenue		33,480
Rent Revenue		162,000
Interest Expense	0
Salaries and Wages Expense	37,800

An 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 month

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

business accounting

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Answer 1

Answer #1

Adjusting entries

Date	Account titles and explanation	Debit	Credit
Mar 31	Depreciation expense (756*3)	2268
	Accumulated depreciation-equipment		2268

Mar 31	Unearned rent revenue (33480/2)	16740
	Rent revenue		16740

Mar 31	Interest expense	1080
	Interest payable		1080

Mar 31	Supplies expense (8100-2295)	5805
	Supplies		5805

Mar 31	Insurance expense (1080*3)	3240
	Prepaid insurance		3240

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Answer 2

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