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The ledger of Kingbird, Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis
The ledger of Kingbird, Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $338 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $472 should be accrued on the notes payable. 4. Supplies on hand total $1,003. 5. Insurance expires at the rate of $472 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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