BACK Acc. Depr- Int. Supplies + Prepaid Insurance +Equip.-Equip. Pay. +Notes Pay

Question

BACK Acc. Depr- Int. Supplies + Prepaid Insurance +Equip.-Equip. Pay. +Notes Pay. +Rev. +Stock+ Rev.-Exp Unearn. Rent Com. Reatined Earnin Bal. 3,510 2,250 25,5007,650 018,800 10,750 An analysis of the accounts shows the following. 1. The equipment depreciates $300 per month 2. Half of the unearned rent revenue was earned during the quarter 3. Interest of $310 is accrued on the notes payable. 4. Supplies on hand total $930 5. Insurance expires at the rate of $250 per month. Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly. (If a transaction results in a decrease in Assets negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) «e Equity Liabilities Assets Retained Eamine Com. Pay. +RevStockRev.- Exp Int. Unearn. Rent Acc. Depr.- Supplies +Insurance Equip.Equip. Pay. Notes 18,800 Prepaid 10,750 2,250 25,500 7,650 Bal. 3,510 1. Version .200020182ohnyyleyhSons.In, Ali Rights Reserved. A Division of Johnwley&Sons,Inc.

Explanation / Answer

Assets = Liabilities + Stockholder's equity Retained earnings Supplies + Prepaid insurance + Equip. - Acc. Depr.Equip = Int Pya + Notes pay + Unearn. rent rev + Common Stock + Rev - Exp - Dividend Bal. 3510 2250 25500 -7650 0 18800 10750 1 -900 -900 2 -5375 5375 3 310 -310 4 -2580 -2580 5 -750 -750

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