URGENT

URGENT

On March 31, 2018, Easy Rental Agency Inc's trial balance included the following selected unadjusted account balances. The company's year end is December 31 and it adjusts its accounts quarterly. Debit Credit Prepaid insurance $14,740 Supplies 2,900 Equipment 22,100 Accumulated depreciation-equipment $5,680 Unearned revenue 9,730 Loan payable, due 2020 20,000 Rent revenue 30,900 Salaries expense 14,500 An analysis of the accounts shows the following: 1. The equipment, which was purchased on January 1, 2017, is estimated to have a useful life of four years. The company uses straight-line depreciation. 2. One third of the unearned revenue related to rent is still unearned at the end of the quarter. 3. The loan payable has an interest rate of 6%. Interest is paid on the first day of each following month and was last paid March 1, 2018. 4. Supplies on hand total $940 at March 31. 5. The one-year insurance policy was purchased for $14,740 on January 1. 6. Income tax is estimated to be $2,600 for the quarter. Prepare the quarterly adjusting entries required at March 31. (Record journal entries in the order presented in the problem. Credit account titles are Prepare the quarterly adjusting entries required at March 31. (Record journal entries in the order presented in the problem. 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 for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Credit Mar. 31 Debit 31 31 31 31 31 List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Vehicles Advertising Expense Bank Loan Payable Bank Loan Receivable Buildings Cash Cortemon Shares Depreciation Expense Dividends Declared Equipment Fees Earned Furniture was-assessment-player/products/8f26c79e-cdee-467a-b993-98c5e90e50e8/assessments/781a22a6-110b-48 Income Summary Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Insurance Revenue Interest Expense Interest Payable Interest Receivable Interest Revenue Land Mortgage Payable No Entry Notes Receivable Office Expense Prepaid Advertising Prepaid Expense Prepaid Insurance Prepaid Rent wileyplus.com/courses/46016/assignments/5095569 Prepaid Services Professional Fees Expense Rent Expense Rent Payable Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Sponsorship Revenue Subscription Revenue Supplies Supplies Expense Ticket Revenue Unearned Revenue Utilities Expense Vehicles