(Solved): The Ledger Of Swifty Corporation On March 31 Of The Current Year Includes The Selected Accounts Belo...
The ledger of Swifty Corporation on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Given Information:
| Debit | Credit |
| (Supplies) $3,440 | |
| (Prepaid Insurance) 4,320 | |
| (Equipment) 27,300 | |
| (Accumulated Depreciation-Equipment) $8,190 | |
| (Notes Payable) 18,500 | |
| (Unearned Rent Revenue) 11,050 | |
| (Rent Revenue) 60,200 | |
| (Interest Expense) 0 | |
| (Salaries and Wages Expense) 13,400 |
An analysis of the accounts shows the following.
1. The equipment depreciates $350 per month.
2. Half of the unearned rent revenue was earned during the quarter.
3. Interest of $420 is accrued on the notes payable.
4. Supplies on hand total $840.
5. Insurance expires at the rate of $480 per month.
Answer in this format:
| No. | Date | Account Titles and Explanation | Debit | Credit |
| 1. | Mar 31 | |||
| 2. | Mar 31 | |||
| 3. | Mar 31 | |||
| 4. | Mar 31 | |||
| 5. | Mar 31 | |||
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