Question
The ledger of Nash Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit
The ledger of Nash Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,492 Supplies 2,593 Equipment 25,040 Accumulated Depreciation-Equipment $7,743 Notes Payable 20,290 Unearned Rent Revenue 4,080 Rent Revenue 61,870 Interest Expense 0 Salaries and Wages Expense 15,040 An analysis of the accounts shows the following. 1. The equipment depreciates $272 per month. 2. One-third of the unearned rent was earned as revenue during the quarter. 3. Interest of $520 is accrued on the notes payable. 4. Supplies on hand total $609. 5. Insurance expires at the rate of $291 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit
No. | Account Titles and Explanation | Debit | Credit |
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