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The ledger of Company X at March 31, 2017 includes the following: Account Debit Credit Prepaid Insurance $3.648 Supplies 2,843 Equipment 25,140 A/D: Equip $8,249
The ledger of Company X at March 31, 2017 includes the following:
| Account | Debit | Credit |
|---|---|---|
| Prepaid Insurance | $3.648 | |
| Supplies | 2,843 | |
| Equipment | 25,140 | |
| A/D: Equip | $8,249 | |
| Notes payable | 19,990 | |
| Unearned Rent Revenue | 8,700 | |
| Rent Revenue | 60,770 | |
| Salaries and Wages Expense | 14,760 | |
One-third of the unearned rent was earned as revenue during the quarter. Prepare the adjusting journal entry required at March 31, 2017, assuming adjusting journal entries are prepared quarterly. After the journal entry, present your work for any calculated numbers. For example, the number in the journal entry is $2,900. The "work" that should appear after the journal entry is $8,700/3 = $2,900. Practice writing the journal entry and showing your work here
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