The ledger of duggan Rental Agency on march 31 of the current year includes the

Question

The ledger of duggan Rental Agency on march 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the following. The equipment depreciates $290 per month. One-third of the unnamed rent was earned during the quarter. Interest of $590 is accrued on the notes payable. Supplies on hand total $660. Insurance express at the rate of $330 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Explanation / Answer

Adjusting Journal Entries:

Accounts Titles and explanations Debit $ Credit $ Depreciation 870 Accumulated Depreciation on Equipment 870 Unearned rent revenue 2500 rent Revenue 2500 Interest on Note Payable 590 Interest Payable 590 Supplies Expense 2380 Supplies 2380 Insurance Expense 990 Prepaid Insurance 990

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