Posted by Poet 2 years ago In:

Poet
Poet Asked:

Accounting Confessed


The ledger of Piper Rental Agency on March 31 of the current year includes the following
selected accounts before adjusting entries have been prepared.
                                       Debit                           Credit
Prepaid Insurance            3,600
Supplies                           2,800
Equipment                      25,000
Accumulated
Depreciation—Equipment                                    $ 8,400
Notes Payable                                                      20,000                                                                                                                                                              Unearned rent                                                        9,000
Rent Revenue                                                       60,000
Interest Expense                                 –0–
Wages Expense                                 14,000
An analysis of the accounts shows the following.
1. The equipment depreciates $400 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 $700.
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.

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Answers

URI93
URI93 Answered:

Poet, there are many out here  who could answer your homework problem for you, but what would you be learning if we did?  Accounting is a step-by-step process, and if you fail, along the way,  to understand each entry and how it relates to other entries, you will soon become more confused. As you get further along in your courses, it will be harder and harder for you to understand. Accounting is very difficult and there is virtually no memorization, only understanding the processes of financial statements.  I wish you good luck on getting through this.   

Sometimes we put up walls not to keep people out, but to see who cares enough to break them down.
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