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Adjusting Journal Entries - Duggan Rental Agency

Prepare a correct trial balance. (Note it may be necessary to add one or more accounts to the trial balance.)

The ledger of Duggan Rental Agency On March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

An analysis of the accounts shows the following.
1. The equipment depreciates $250 per month.
2. One-third of the unearned rent was recognized as during the quarter.
3. Interest of $500 is accrued on the notes payable.
4. Supplies on hand total $850.
5. Insurance expires at the rate of $300 per month.

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Solution Summary

This solution illustrates how to compute and make quarterly adjusting journal entries in Excel.