The ledger of Nash Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,492 Supplies 2,593 Equipment 25,040 Accumulated Depreciation-Equipment $7,743 Notes Payable 20,290 Unearned Rent Revenue 4,080 Rent Revenue 61,870 Interest Expense â0â Salaries and Wages Expense 15,040 An analysis of the accounts shows the following. 1. The equipment depreciates $272 per month. 2. One-third of the unearned rent was earned as revenue during the quarter. 3. Interest of $520 is accrued on the notes payable. 4. Supplies on hand total $609. 5. Insurance expires at the rate of $291 per month. 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 Expenses. (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.) No. Account Titles and Explanation Debit Credit
No.
Account Titles and Explanation
Debit
Credit
The ledger of Nash Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,492 Supplies 2,593 Equipment 25,040 Accumulated Depreciation-Equipment $7,743 Notes Payable 20,290 Unearned Rent Revenue 4,080 Rent Revenue 61,870 Interest Expense â0â Salaries and Wages Expense 15,040 An analysis of the accounts shows the following. 1. The equipment depreciates $272 per month. 2. One-third of the unearned rent was earned as revenue during the quarter. 3. Interest of $520 is accrued on the notes payable. 4. Supplies on hand total $609. 5. Insurance expires at the rate of $291 per month. 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 Expenses. (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.) No. Account Titles and Explanation Debit Credit
| No. | Account Titles and Explanation | Debit | Credit |
Related questions
On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.
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General Journal
Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.
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JOURNAL
| DATE | DESCRIPTION | POST.REF. | DEBIT | CREDIT | |
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10 | need help with a general journal |
The Solo Hotel opened for business on May 1, 2014. Here is itstrial balance before adjustment on May 31.
(Prepare a ledger using T-accounts. Enter the trial balanceamounts and post the adjusting entries)
| SOLO HOTEL Trial Balance May 31, 2014 | ||||
Debit | Credit | |||
| Cash | $ 2,971 | |||
| Supplies | 2,600 | |||
| Prepaid Insurance | 1,800 | |||
| Land | 15,471 | |||
| Buildings | 76,000 | |||
| Equipment | 16,800 | |||
| Accounts Payable | $ 5,171 | |||
| Unearned Rent Revenue | 3,300 | |||
| Mortgage Payable | 42,000 | |||
| Common Stock | 60,471 | |||
| Rent Revenue | 9,000 | |||
| Salaries and Wages Expense | 3,000 | |||
| Utilities Expense | 800 | |||
| Advertising Expense | 500 | |||
$119,942 | $119,942 | |||
Other data:
| 1. | Insurance expires at the rate of $300 per month. | |
| 2. | A count of supplies shows $1,127 of unused supplies on May31. | |
| 3. | (a) Annual depreciation is $4,080 on the building. | |
| (b) Annual depreciation is $3,960 on equipment. | ||
| 4. | The mortgage interest rate is 5%. (The mortgage was taken outon May 1.) | |
| 5. | Unearned rent of $2,653 has been earned. | |
| 6. | Salaries of $690 are accrued and unpaid at May 31. |
