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

Question:

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.

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Related Book For  book-img-for-question

Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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