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The following information is available for XYZ Corporation on March 31 for the month just ended. a. $6,000 of the $6,500 rent paid to
The following information is available for XYZ Corporation on March 31 for the month just ended. a. $6,000 of the $6,500 rent paid to XYZ Corporation in advance has not yet been earned. b. A review of the $15,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $13,000 at the end of the month. c. Wages of $7,500 have been earned by XYZ Corporation's employees but have not yet been paid. d. Equipment purchased at the start of the month for $58,500 is estimated to have a useful life of five years. After this time, the equipment will be sold for $4,500. e. The monthly depreciation on the furniture is $50. Prepare the required adjusting entries at March 31, 2014. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Page GJ8 Date Account/Explanation F Debit Credit + + + + T C D a -17C E
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