E3-5The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Accumulated Depreciation – Equipment
Unearned Rent Revenue
Salaries and Wage Expense
An analysis of the accounts shows the following:
1.The equipment depreciation $250 per month is:
2.One-third of the unearned rent was earned during the quarter.
3.Interest of $500 is accrued for the month on notes payable is:
4.Supplies on hand total $850
5.insurance expires at the rate of $300 per month
InstructionsPrepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, Supplies Expense. (Omit explanations.)
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