MieyPLUS ncial Acct (ACC-110-099WB) Kimmel, Accounting, 6e Assignment Gradebook

Question

MieyPLUS ncial Acct (ACC-110-099WB) Kimmel, Accounting, 6e Assignment Gradebook ORION Downloadable eTextbook ent Exercise 4-9 7]Your answer is partially correct. Try again. The ledger of Larkspur, Inc. on March 31 of the current year includes the selected accounts below befor Debit Credit $3,460 1,800 24,100 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue $7,230 19,500 10,850 63,300 Rent Revenue Interest Expense 0 Salaries and Wages Expense 6,000 An analysis of the accounts shows the following. . The equipment depreciates $290 per month. 3. 4. 5. If of the unearned rent revenue was earned during the quarter Interest of $310 is accrued on the notes payable. Supplies on hand total $860 Insurance expires at the rate of $200 per month Prepare the adjusting entries at March 31, assuming tnat adjusting entries are made qua-terly. (Ir no entry

Explanation / Answer

Journal Entries Sr. No. Date Account Title and explanation Debit Credit 1 Mar, 31 Depreciation Expenses($290 X 3 Months) $                        870     To Accumulated Depreciation - Equipment $                           870 2 Mar, 31 Unearned Revenue (50% of $ 10,850) $                     5,425         To Revenue $                       5,425 3 Mar, 31 Interest Expenses $                        310       To Interest Payable $                           310 Supplies Expenses ($3460 - $ 860) $                     2,600 4 Mar, 31          To Supplies $                       2,600 Insurance Expenses ($ 200 X 3 months) $                        600 5 Mar, 31     To Prepaid Insurance $                           600

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