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Homework answers / question archive / The ledger of Sheridan Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared
The ledger of Sheridan Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.
|
Debit |
Credit |
|||
| Prepaid Insurance | $ 7,200 | |||
| Supplies | 3,300 | |||
| Equipment | 31,250 | |||
| Accumulated Depreciation—Equipment | $ 8,100 | |||
| Notes Payable | 24,000 | |||
| Unearned Rent Revenue | 9,900 | |||
| Rent Revenue | 58,000 | |||
| Interest Expense | 0 | |||
| Salaries and Wages Expense | 11,000 |
An analysis of the accounts shows the following.
| 1. | The equipment depreciates $500 per month. | |
| 2. | One-third of the unearned rent revenue was earned during the quarter. | |
| 3. | Interest of $600 is accrued on the notes payable. | |
| 4. | Supplies on hand total $730. | |
| 5. | Insurance expires at the rate of $400 per month. |
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