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Envirocan Resources prepares adjusting entries monthly. In reviewing the accounts on March 31, Envirocan Recourses discovered the following: a. Interest of $1,080 had accrued on
Envirocan Resources prepares adjusting entries monthly. In reviewing the accounts on March 31, Envirocan Recourses discovered the following: a. Interest of $1,080 had accrued on the note payable as at March 31. It is to be paid on April 2. b. Unpaid and unrecorded salaries at March 31 totalled $33,150. c. The March telephone bill for $470 is unpaid and unrecorded at March 31. It is to be paid on April 15. d. Envirocan normally pays rent in three-month installments. At March 31, rent of $4,500 per month has not been paid for February, March, or April. Rent of $4,500 was correctly accrued at the end of February. The balance owing plus rent for May, June, and July will be paid on April 23. e. Envirocan pays commissions to the technicians at the rate of 4% of services performed. During March total services performed were $440,000. Commissions are unrecorded and unpaid as of March 31. Required: Using the information provided above, prepare the monthly adjusting journal entries at March 31. Note: Journal entry explanations are not required
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