A partial tabular summary for Metlock, Inc. on March 31 of the current year includes...
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Accounting
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay + Notes Pay + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 8,670 0 18,100 11.250 An analysis of the accounts shows the following 1. The equipment depreciates $400 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $320 is accrued on the notes payable. 4. Supplies on hand total $880. 5. Insurance expires at the rate of $300 per month. Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly. Of a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Int. Supplies Prepaid Insurance 2,700 Acc. Depr. Equip. Equip Pary Bal. 3,640 28,900 -8,670 -2760 Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly. If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced) port Liabilities Unear Rent Stockholders' Equity Retained Earnings Notes Pay. Rev. Com Stock Rev. 18.100 11,250 - - - Prepare a tabular summary to record adjustments at March 31, assuming that adjustments are made quarterly. Of a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced) Rent Stockholders' Equity Retained Earnings Com Stock Exp. - Div - 400 Depreciation Expense -5625 Rent Revenue Interest Expense Suppres per Insurance Expense e Textbook and Media




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