The ledger of Piper Rental Agency on March 31 of the current year includes the following selected

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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.

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An analysis of the accounts shows the following.1. The equipment depreciates $400 per month.2. One-third of the unearned rent revenue was earned during the quarter.3. Interest of $500 is accrued on the notes payable.4. Supplies on hand total $700.5. Insurance expires at the rate of $200 per month.InstructionsPrepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and SuppliesExpense.

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Accounting Principles

ISBN: 9780471980193

8th Edition

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel

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