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Journal Entries to Adjust the Accounts at the End of the Period

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The following data is given for Zrada Ltd on March 31, 20XX. The firm adjusts its accounts on a monthly basis.
a. Depreciation $1,000
b. Prepaid rent expired, $2,200
c. Interest Expense Accrued, $990
d. Employee Salaries owed for Monday through Wednesday for a five day work week; weekly payroll $150,000.
e. Unearned Service Revenue Earned, $2,500

Required: Show the journal entries to adjust the accounts at the end of March.

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Solution Summary

This solution shows journal entries of the accounts at the end of March, taking into the account of the depreciation, prepaid rent expired, interest expense accrued, employee salaries and unearned service revenue.

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