Indiana Corp Ltd ledger on June 30, 2021, includes these selected accounts and corresponding account numbers before adjusting entries have been prepared Debits ($) Credits ($) 100Prepaid Insurance11,230 110Supplies18,440 120Equipment216,000 121Accumulated Depreciation equipment $70,000200Bank loan 224,800210Rent revenue received in advance 116,064300Rent revenue 474,400500Interest expense 510Salaries expense90,750 An analysis of the accounts shows the following The equipment depreciates $833 per month The rent revenue received in advance was for the nine months commencing on April 1, 2021 The bank loan was received on April 1, 2021, with a 6 annual interest rate Stocktaking indicates Supplies on hand worth $8,485 10 months of Prepaid Insurance was purchased on Feb 1, 2021 There are eight salaried employees Salaries are paid every Friday for the current week Four employees receive a salary of $1050 each per week, and three employees earn $1350 each per week 30 June is a Wednesday Employees do not work on weekends All employees worked the last week of June Required Prepare the adjusting entries as of June 30, 2021, assuming that adjusting entries are made quarterly Additional accounts and account numbers are 520 Depreciation expense 530 Insurance expense 202 Salaries payable 220 Interest payable 540 Supplies expense Instructions You need to use the account names ( Charts of Accounts) as supplied in this activity in the general journal Please IGNORE Post Reference Hint Copy the above Charts of Accounts (COA) and paste in the blanks of Accounts Details to avoid typing spelling errors Do Not use space, commas or dollar signs ($) with amounts in the Debit and Credit columns See the example in the first transaction entry Indiana Corp Ltd General Journal Date Particulars Post Reference Debit Credit June 30Depreciation expense 2499 Accumulated Depreciation equipment 2499 To record depreciation for the quarter 30 To record rent revenue now earned 30 To record accrued interest 30 To record supplies consumed 30 To record insurance consumed 30 To record accrued salaries

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Indiana Corp Ltd. ledger on June 30, 2021, includes these selected accounts and corresponding account numbers before adjusting entries have been prepared. Debits ($) Credits

Indiana Corp Ltd. ledger on June 30, 2021, includes these selected accounts and corresponding account numbers before adjusting entries have been prepared.

Debits ($)Credits ($)100Prepaid Insurance11,230 110Supplies18,440 120Equipment216,000 121Accumulated Depreciation - equipment $70,000200Bank loan 224,800210Rent revenue received in advance 116,064300Rent revenue 474,400500Interest expense- 510Salaries expense90,750

An analysis of the accounts shows the following:

The equipment depreciates $833 per month.
The rent revenue received in advance was for the nine months commencing on April 1, 2021.
The bank loan was received on April 1, 2021, with a 6% annual interest rate.
Stocktaking indicates Supplies on hand worth $8,485.
10 months of Prepaid Insurance was purchased on Feb 1, 2021.
There are eight salaried employees. Salaries are paid every Friday for the current week. Four employees receive a salary of $1050 each per week, and three employees earn $1350 each per week. 30 June is a Wednesday. Employees do not work on weekends. All employees worked the last week of June.

Required: Prepare the adjusting entries as of June 30, 2021, assuming that adjusting entries are made quarterly. Additional accounts and account numbers are:

520 Depreciation expense; 530 Insurance expense; 202 Salaries payable; 220 Interest payable; 540 Supplies expense

Instructions: You need to use the account names (Charts of Accounts) as supplied in this activity in the general journal. Please IGNORE Post Reference

Hint: Copy the above Charts of Accounts (COA) and paste in the blanks of Accounts Details to avoid typing/spelling errors. Do Not use space, commas or dollar signs ($) with amounts in the Debit and Credit columns.

See the example in the first transaction entry.

Indiana Corp Ltd

General Journal

DateParticularsPost ReferenceDebitCreditJune 30Depreciation expense-2499 Accumulated Depreciation - equipment- 2499 To record depreciation for the quarter 30 - - To record rent revenue now earned 30 - - To record accrued interest 30 - - To record supplies consumed 30 - - To record insurance consumed 30 - - To record accrued salaries.