Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The ledger of Monty Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit

The ledger of Monty Corp.on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $3,760 3,960 25,500 $7,650 20,000 11,600 61,200 0 14,000 An analysis of the accounts shows the following. 1. The equipment depreciates $ 400 per month 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $ 340 is accrued on the notes payable. 4. Supplies on hand total $ 870 5. Insurance expires at the rate of $ 440 per month

4. Suppiies on nana total B/u. 5. Insurance expires at the rate of $440 per month. Prepare the adjusting entries at March 31,assuming that adjusting entries are made quarterly. (If no entry is required, select No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31 

The ledger of Monty Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $3,760 Prepaid Insurance 3,960 Equipment 25,500 Accumulated Depreciation-Equipment $7.650 Notes Payable 20,000 Unearned Rent Revenue 11.600 Rent Revenue 61,200 Interest Expense Salaries and Wages Expense 14,000 An analysis of the accounits shows the folilowing. 1. The equipment depreciates $ 400 per month, 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $ 340 is accrued on the notes payable. 4. Supplies on hand total $ 870. 5. Insurance expires at the rate of 5 440 per month. 4. Suppies on nana totar 3 8/U. 5. Insurance expires at the rate of $ 440 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 Mar. 31 3. Mar. 31 4. Mar. 31 Mar. 31 2. 5.

Step by Step Solution

3.45 Rating (171 Votes )

There are 3 Steps involved in it

Step: 1

Journal Entries Sr No Date Account Title and explanation Debit Credit Depreciation ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing a business risk appraoch

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

6th Edition

9780324645095, 324645090, 978-0324375589

More Books

Students also viewed these Accounting questions

Question

Solve the following equation for x: e2x - 3e* = -2

Answered: 1 week ago