Exercise E3-7
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debits Credits
Prepaid Insurance $3,600
Supplies 2,800
Equipment 25,000
Accumulated
Depreciation -Equipment
$8,400
Notes Payable 20,000
Unearned Rent 9,900
Rent Revenue 60,000
Interest Expense -0-
Wages Expense 14,000
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.
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debits Credits
Prepaid Insurance $3,600
Supplies 2,800
Equipment 25,000
Accumulated
Depreciation -Equipment
$8,400
Notes Payable 20,000
Unearned Rent 9,900
Rent Revenue 60,000
Interest Expense -0-
Wages Expense 14,000
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.
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