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Please show work The ledger of Sheffield Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have
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The ledger of Sheffield Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,300 Supplies 3,065 25,840 Equipment Accumulated Depreciation-Equipment Notes Payable $8,542 19,460 Unearned Rent Revenue 6,780 Rent Revenue 55,570 -0- Interest Expense Salaries and Wages Expense 13,710 An analysis of the accounts shows the following. 1. The equipment depreciates $261 per month One-third of the unearned rent was recognized as revenue during the quarter. 2. 3. Interest of $530 is accrued on the notes payable. 4. Supplies on hand total $664. 3.065 Supplies Equipment 25,840 Accumulated Depreciation Equipment $8,542 Notes Payable 19,460 6.780 55,570 Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 0 13,710 An analysis of the accounts shows the following 1. The equipment depreciates $261 per month 2 One-third of the unearned rent was recognized as revenue during the quarter Interest of 530 is accrued on the notes payable 4 Supplies on hand total 5664 5. Insurance expires at the rate of $275 per month Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly Additional accounts are Depreciation Expense, Insurance Expense. Interest Payable, and Supplies Expenses. (Creditoccount titles are automatically indented when amounts entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts)
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