Post a New Question

college Accounting

posted by on .

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 9,900
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.

  • college Accounting - ,

    using 20x4 as the base year prepare a trend analysis for the following data and tell whether the results suggest a favorable or unfavorable trend. round your answers to one decimal place
    20x6 20x5 20x4
    net sales 158,000 136,000 112,000
    accounts receivable (net)43,000 (20x6) 32,000 (20x5) 21,000 (20x4)

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question