Posted by Michelle on Tuesday, September 1, 2009 at 12:56pm.
The ledger of Piper Rental Agency on March 31 of the current year includes the following
selected accounts before adjusting entries have been prepared.
Prepaid Insurance $ 3,600
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.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and
- college Accounting - warkia, Monday, October 19, 2009 at 5:26pm
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
More Related Questions
- Financial Accounting - Prepare adjusting journal entries for the year ended ...
- accounting - P4-2A Gil Vogel started his own consulting firm, Vogel Consulting, ...
- Accounting - Please double check me. Indicate whether a debit or credit ...
- Accounting - Please check me - Indicate whether a debit or credit decreases the ...
- Accounting - E3-5 Drew Carey Company has the following balances in selected ...
- accounting - Linking debit or credit with normal balance C5 Indicate whether a ...
- more accounting - I am so lost in this the book does not make sence, I think i ...
- accounting - The list of accounts below and the unadjusted balances of these ...
- accounting - Identify whether a debit or credit yields the indicated change for ...
- finance - can someone correct these for me when you have a few minutes i'll ...