ch03_sol - Name: Solution Date: Instructor: Course:...

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bb04cd7576125f54392896d3e3cbf752af06ad5f.xlsx, E3-5 Solution, Page 1 of 6, 03/29/2012, 01:32:01 Name: Solution Date: 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 Revenue 6,300 Rent Revenue 60,000 Interest Expense 0 Salaries and Wage Expense 14,000 Totals: $45,400 $94,700 An analysis of the accounts shows the following: $250 $500 $650 $300 Depreciation Expense Interest Payable Insurance Expense Supplies Expense 1 Depreciation Expense ($250 per month × 3 months) 750 Accumulated Depreciation - Equipment 750 End of quarter adjusting entry - Depreciation Expense / Equipment 2 Unearned Rent Revenue ($6,300 / 3) 2,100 Rent Revenue 2,100 End of quarter adjusting entry - Unearned Rent Revenue / Rent Revenue 3 Interest Expense 500 Interest Payable 500 End of quarter adjusting entry - Interest Expense / Interest Payable 4 Supplies Expense ($2,800 - $650) 2,150 Supplies 2,150 End of quarter adjusting entry - Supplies Expense / Supplies 5 Insurance Expense ($300 per month × 3 months) 900 Prepaid Insurance 900 End of quarter adjusting entry - Insurance Expense / Prepaid Insurance Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. 1. The equipment depreciation per month is: 2. One-third of the unearned rent was earned during the quarter. 3. Interest accrued for the month on notes payable is: 4. Supplies on hand total: 5. The monthly insurance expiration rate is: Instructions: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: (Omit explanations.)
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bb04cd7576125f54392896d3e3cbf752af06ad5f.xlsx, E3-5, Page 2 of 6, 03/29/2012, 01:32:01 Name: Date: 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 Revenue 6,300 Rent Revenue 60,000 Interest Expense 0 Salaries and Wage Expense 14,000 Totals: $45,400 $94,700 An analysis of the accounts shows the following: $250 $500 $650 $300 Depreciation Expense Interest Payable Insurance Expense Supplies Expense 1 Account Title Amount Account Title Amount Text / Memo Line - Optional 2 Account Title Amount Account Title Amount Text / Memo Line - Optional 3 Account Title Amount Account Title Amount Text / Memo Line - Optional 4 Account Title Amount Account Title Amount Text / Memo Line - Optional 5 Account Title Amount Account Title Amount Text / Memo Line - Optional Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
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This note was uploaded on 03/28/2012 for the course ACC 401 taught by Professor O during the Spring '12 term at Regis University.

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ch03_sol - Name: Solution Date: Instructor: Course:...

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