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E3-7 The ledger of Villa Rental Agency SpA on March 31 of the current year...

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Accounting

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E3-7 The ledger of Villa Rental Agency SpA on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Debit Credit Prepaid Insurance 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation-Equipment 8.400 Notes Payable 20,000 Unearned Rent Revenue 9,900 Rent Revenue 60,000 Interest Expense Salaries and Wages Expense 14,000 An analysis of the accounts shows the following. 1. The equipment depreciates 320 per month. 2. One-third of the unearned rent revenue was earned during the quarter, 3. Interest totaling 500 is accrued on the notes payable for the quarter. 4. Supplies on hand total 840. 5. Insurance expires at the rate of 200 per month

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