answer question PROBLEM 3 (18 PTS) The ledger of Hager Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Account titles Debit Credit Prepaid Insurance 4,200 Supplies 3,400 Equipment 30,000 Accumulated Depreciation-Equipment 10,800 Notes Payable 20,000 Unearned Rent Revenue 10,800 Rent Revenue 60,000 Salaries&Wages Expense 14,000 sept FALL II, 2019 An analysis of the accounts shows the following: 1. The equipment depreciates $225 per month. 2. $4,800 of the balance in the unearned rent revenue account remains unearned at the end of the period. 3. The notes payable pays interest at a rate of 6% per year. 4. Supplies on hand total $1,400. 5. The company paid $4,200 on January 1 for a 2-year insurance policy. 6. Services performed but unrecorded totaled $1,200. 7. Employees earn $300 per day. Three days salaries are unpaid at March 31. Instructions: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Jl General Journal Credit Debit Ref. Account titles & explanation Date TI-3 TEXAS DRG puz HYP NIS 1/X EE +3 OIS RCL

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