The ledger of Pharoah Company on March 31 of the current year includes the selec

Question

The ledger of Pharoah Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared Debit Credit $3,510 2.250 25,500 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment $7,650 18,800 10,750 59,500 Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 0 14,300 An analysis of the accounts shows the following 1. The equipment depreciates $ 300 per month. 2. Half of the unearned rent revenue was earned during the quarter Interest of $ 310 is accrued on the notes payable.

Explanation / Answer

DR CR 1 Depreciation Expense 900 Accumulated derpeciation 900 2 Uneared rent revenue 5375 Rent revenue 5375 3 Interest Expense 310 interest payable/Accrude 310 4 Supplies Expense 2580 Supplies 2580 5 Insurance Expense 750 Inurance Prepaid 750

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