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The ledger of Thurston Rental Agency on March 31 of the current year includes these selected accounts before adjusting entries have been perpared. Prepaid Insurance
The ledger of Thurston Rental Agency on March 31 of the current year includes these selected accounts before adjusting entries have been perpared. Prepaid Insurance Debit $3,600 Supplies 3,000 Equipment 25,000 Accumulated Depreciation-Equip Credits $8,400 Notes payable 20,000 Unearned Rent Revenue 10,200 Rent Revenue 60,000 Interest Expense 0 Wage Expense 14,000 An Analysis of the accounts shows the following, 1. The equipment depreciates $280 per month 2.Half of the unearned rent revenue was earned during the quarter. 3. Interest of $440 is accrued on the notes payable. 4.Supples on hand total $850. 5> Insurance expires at the rate of $400 per month. Prepare the adjusting entries at March 32, assuming thqat adjusting entries are made quarterly
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