A bit confused. Please help.
Blackboard ( X Bb Chapter 3 - X Bb Take Test: E X C Beto Rent Ac X Q Laws and Ru x Q 6 - Health In x Q (6 )- Health x Q Health Insur X Q Final Exam ( X @ Life Insurance X + C ttu.blackboard.com/webapps/assessment/take/take.jsp?course_assessment_id=_253018_1&course_id=_85725_1&content_id=_5617233_1&question_num_3.x=0&toggle_st... * NP Jestion Completion Status: > A Moving to another question will save this response. > Question 3 14 points Save Answer Beerbo Rental Agency has a January 1 - December 31 fiscal year. The company has conducted business for the first three months of the current year. Below is a partial trial balance of certain accounts from Beerbo's general ledger. The March 31 balances below do not include the effects of adjusting journal entries Partial Trial Balance 3-Months Ended (Mar 31) Debit Credit Prepaid Insurance $ 3,600 Supplies $ 2,800 Equipment $ 25,000 Accumulated Depreciation - Equipment $ 8,400 Interest Payable $0 Notes Payable $ 20,000 Unearned Rent Revenue $ 9,300 Rent Revenue $ 60,000 Interest Expense $0 Depreciation Expense - Equipment Supplies Expense $0 Insurance Expense $0 Salaries and Wages Expense $ 14,000 An analysis of these accounts shows the following transactions / events (T/E): A. The equipment depreciates $250 per month. B. One-third of the unearned rent was recognized as revenue during the quarter. C. Interest of $500 is accrued on the notes payable. D. Supplies on hand total $850. E. Insurance expires at the rate of $300 per month. Analysis of transaction T/E C How much interest expense has Beerbo incurred thus far this year? $ o (enter dollar amounts with commas as needed ) The interest expense incurred represents how many months of interest? 3 (enter whole numbers) How much annual interest will Beerbo incur for the entire fiscal year (i.e. 12 months)? $ (enter dollar amounts with commas as needed)Blackboard ( X Bb Chapter 3 - X Bb Take Test: E X C Beto Rent Ac X Q Laws and Ru x Q 6 - Health In x Q (6 )- Health x Q Health Insur X Final Exam ( X @ Life Insurance X + C ttu.blackboard.com/webapps/assessment/take/take.jsp?course_assessment_id=_253018_1&course_id=_85725_1&content_id=_5617233_1&question_num_3.x=0&toggle_st... * NP O Question Completion Status: Supplies Expense $0 Insurance Expense $0 Salaries and Wages Expense $ 14,000 An analysis of these accounts shows the following transactions / events (T/E): A. The equipment depreciates $250 per month. B. One-third of the unearned rent was recognized as revenue during the quarter. C. Interest of $500 is accrued on the notes payable. D. Supplies on hand total $850. E. Insurance expires at the rate of $300 per month. Analysis of transaction T/E C How much interest expense has Beerbo incurred thus far this year? $ 0 (enter dollar amounts with commas as needed ) The interest expense incurred represents how many months of interest? 3 (enter whole numbers) How much annual interest will Beerbo incur for the entire fiscal year (i.e. 12 months)? $ (enter dollar amounts with commas as needed) he balance of the note payable at the beginning of the year? $ (enter dollar amounts with commas as needed) Below, record the journal entry to recognize interest expense incurred to-date. (input account titles as they appear above; enter dollar amounts with commas as needed) DR. CR. The journal entry above will have have the following effects on Beerbo's accounting system: . The 'Cash' account will (enter "increase", "decrease", or "not change") . The 'Interest Payable' account will enter "increase", "decrease", or "not change") . The 'Interest Expense' account will enter "increase", "decrease", or "not change") . Total assets will (enter "increase", "decrease", or "not change") . Total liabilities will (enter "increase", "decrease", or "not change") . Total equity will (enter "increase", "decrease", or "not change") .> A Moving to another question will save this response. > Close Window
