James Co. Trial Balance Adjustments Adjusted Balances Debits Credits Debits Cred

Question

James Co. Trial Balance Adjustments Adjusted Balances Debits Credits Debits Credits Debit Credit Cash 55,200 3,600 3,000 25,000 Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment 8,400 Interest Payable Notes Payable 20,000 12,400 60,000 Unearned Rent Revenue Rent Revenue Salaries and Wages Expense 14,000 Depreciation Expense Supplies Expense interest Expense Insurance Expense An analysis of the accounts shows the following: 1. The equipment depreciated at $280 per month 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $400 is accrued on the notes payable. .Supplies on hand total $850 5.Insurance expires at the rate of $400 per month. Prepare the adjusting journal entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable and Supplies Expense

Explanation / Answer

(figure in $) James Co. Trail Balance Adjustment Adjusted Account Name Debit Credit Debit Credit Debit Credit Cash at Bank       55,200       55,200 Prepaid Insurance        3,600      1,200        2,400 Supplies        3,000      2,150           850 Equipment       25,000       25,000 Acc. Depreciation - Equipment       8,400        840       9,240 Interest Payable        400          400 Notes Payable      20,000      20,000 Unearned Rent Revenue      12,400      6,200       6,200 Rent Revenue      60,000      6,200      66,200 Salaries and wages Expenses       14,000       14,000 Depreciation Expenses        840           840 Supplies Expenses      2,150        2,150 Interest Expenses        400           400 Insurance Expenses      1,200        1,200             -      1,00,800 1,00,800    10,790    10,790    1,02,040 1,02,040 Accounst titles & Explanation Debit Credit 1 Acc. Depreciation - Equipment           840 Depreciation Expenses          840 2 Unearned Rent Revenue        6,200 Rent Revenue       6,200 3 Interest Expenses           400 Interest Payable          400 4 Supplies Expenses        2,150 Supplies       2,150 5 Insurance Expenses        1,200 Prepaid Insurance       1,200

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