Question 2 The ledger of Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $3,900 Prepaid Insurance 4,680 Equipment 32,500 Accumulated Depreciation—Equipment $10,920 Notes Payable 26,000 Unearned Rent Revenue 16,120 Rent Revenue 78,000 Interest Expense 0 Salaries and Wages Expense 18,200 An analysis of the accounts shows the following. 1. The equipment depreciates $364 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $520 is accrued on the notes payable. 4. Supplies on hand total $1,105. 5. Insurance expires at the rate of $520 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly

The ledger of Metlock, Inc.

March 31 Adjusting Entries

Sr. No                           Particulars                Debit             Credit

1                  Depreciation Expense            $1092

                     Accumulated Depreciation                       $ 1092  

Depreciation for 3 months =  $364*3= $ 1092

2.                      Unearned Rent Revenue  8060

                                          Rent Revenue Earned         8060  

Half of the unearned rent revenue was earned during the quarter.

3.            Interest Expense                  $130

                             Interest Payable                              $ 130

Interest of $520 is accrued on the notes payable. For the quarter it will be

$ 520/4-=$ 130

4.                 Supplies Expense         2885

                                Supplies                                  2885

Supplies on hand total $1,105.  Supplies were $ 3900. The amount of supplies used were $ 3900- $ 1015= $ 2885

5.                Insurance Expense         $1560

                             Prepaid Insurance                   $ 1560        

Insurance expires at the rate of $520 per month. For the three months it would be $ 520* 3= $1560.

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