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The ledger of Vaughn Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
The ledger of Vaughn Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $8,100 9,720 67,500 $22.680 54,000 33.480 162,000 0 37,000 An analysis of the accounts shows the following The equipment depreciates $756 per month 2 Half of the unearned rent revenue was earned during the quarter 3. Interest of $1,080 is accrued on the notes payable. SUPPORT 4. Supplies on hand total $2.295 5. Insurance expires at the rate of $1.080 per month. E Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit entries 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 1 Mar. 31 2 Mar. 31 3. Mar. 311- 4 Mac 31 S Mar. 31 Debit Credit SUPPORT
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