03-e3-3 - Name Shekitta Ferrell Date Instructor Course...

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FileName: 09dfed35dab9e5c4a778ee7bc1a934d2f8bd8bec.xls, Tab: Exercise E3-3, Page 1 of 3, 10/06/2009, 02:47:17 Name: Shekitta Ferrell Date: 03/11/09 Instructor: Course: Debit Credit Prepaid Insurance $3,600 Supplies $2,800 Equipment $25,000 Accumulated Depreciation - Equipment $8,400 Notes Payable $20,000 Unearned Rent $12,000 Rent Revenue $60,000 Interest Expense $0 Wages Expense $14,000 An analysis of the accounts shows the following: 1. The equipment depreciates $300 per month. 2. One-third of the unearned rent was earned during the quarter. 3. Interest has accrued on the notes payable $500 4. Supplies on hand total $1,100 5. Insurance expires at the monthly rate of $200 Instructions: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense Interest Payable Insurance Expense Supplies Expense 1 Mar. 31 Insurance Expense 3,600 Prepaid insurance 3,600 Prepaid insurance 2 Mar. 31 Supplies Expense 2,800 Account title 2,800 Supplies 3 Mar. 31 Account title 25,000 Account title 25,000 Equipment 4 Mar. 31 Equipment 25,000 Depreciation Expense 8,400
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