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The ledger of R. Rental Agency Inc. on March 31 of the current year includes the following

The ledger of R. Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
 
Debit Credit
Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 20,000 Unearned Rent 12,000 Rent Revenue 60,000 Interest Expense –0– Wages Expense 14,000

An analysis of the accounts shows the following.
1. The equipment depreciates $300 per month.
2. One-third of the unearned rent was earned during the quarter.
3. Interest of $500 is accrued on the notes payable.
4. Supplies on hand total $1,100.
5. Insurance expires at the rate of $200 per month.

Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
 
File name: R.-Rental-Agency-Inc.doc File type: application/msword Price: $3