Business, 12.02.2020 01:59 summerjoiner

The ledger of Skysong Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Debit
Credit
Prepaid Insurance $4,020
Supplies 2,620
Equipment 28,270
Accumulated Depreciation-Equipment $8,580
Notes Payable 24,980
Unearned Rent Revenue 7,800
Rent Revenue 60,880
Interest Expense â€“0â€“
Salaries and Wages Expense 22,050
An analysis of the accounts shows the following.
1. The equipment depreciates $290 per month.
2. One-third of the unearned rent was earned during the quarter.
3. Interest of $680 is accrued on the notes payable.
4. Supplies on hand total $850.
5. Insurance expires at the rate of $370 per month.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 14:00

Which of the following would be an accurate statement about achieving a balanced budget

Answers: 1

Answer

Business, 22.06.2019 15:40

Aprice control is: question 1 options: a)a tax on the sale of a good that controls the market price.b)an upper limit on the quantity of some good that can be bought or sold.c)a legal restriction on how high or low a price in a market may go.d)control of the price of a good by the firm that produces it.

Answers: 1

Answer

Business, 22.06.2019 18:10

Ashop owner uses a reorder point approach to restocking a certain raw material. lead time is six days. usage of the material during lead time is normally distributed with a mean of 42 pounds and a standard deviation of four pounds. when should the raw material be reordered if the acceptable risk of a stockout is 3 percent?

Answers: 1

Answer

Business, 22.06.2019 21:00

On july 2, year 4, wynn, inc., purchased as a short-term investment a $1 million face-value kean co. 8% bond for $910,000 plus accrued interest to yield 10%. the bonds mature on january 1, year 11, and pay interest annually on january 1. on december 31, year 4, the bonds had a fair value of $945,000. on february 13, year 5, wynn sold the bonds for $920,000. in its december 31, year 4, balance sheet, what amount should wynn report for the bond if it is classified as an available-for-sale security?

Answers: 3

Answer

You know the right answer?

The ledger of Skysong Rental Agency on March 31 of the current year includes the following selected...

Questions

Business, 29.08.2020 20:01

Kala’s family is shopping for a large screen TV. The TV they decided on has a retail price of $1,000 at four stores. The state sales tax is 5%. Each s...