The ledger of Bourque Rental Agency on March 31, 2024, includes the following selected accounts before preparing quarterly adjusting entries:

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, 2024.
3. The note payable has an interest rate of 6%. Interest is paid every June 30 and December 31.
4. Supplies on hand at March 31 total $850.
5. The one-year insurance policy was purchased on January 1, 2024.
6. As at March 31, a tenant owed Bourque $700 for the month of March.

Instructions
Prepare the quarterly adjusting entries required at March 31, 2024.

Transcribed Image Text:

Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Notes payable Rent revenue Salaries expense Debit $14,400 3,600 37,800 14,000 Credit $ 9,450 9,300 30,000 30,000