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The ledger of Blue Spruce Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

DebitCredit

Supplies

$7,500

Prepaid Insurance

9,000

Equipment

62,500

Accumulated Depreciation—Equipment

$21,000

Notes Payable

50,000

Unearned Rent Revenue

31,000

Rent Revenue

150,000

Interest Expense

0

Salaries and Wages Expense

35,000

An analysis of the accounts shows the following.

1.The equipment depreciates $700 per month.2.Half of the unearned rent revenue was earned during the quarter.3.Interest of $1,000 is accrued on the notes payable.4.Supplies on hand total $2,125.5.Insurance expires at the rate of $1,000 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

1.

Mar. 31

enter an account title to record the first transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the first transaction

Enter a debit amount

Enter a credit amount

2.

Mar. 31

enter an account title to record the second transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the second transaction

Enter a debit amount

Enter a credit amount

3.

Mar. 31

enter an account title to record the third transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the third transaction

Enter a debit amount

Enter a credit amount

4.

Mar. 31

enter an account title to record the fourth transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the fourth transaction

Enter a debit amount

Enter a credit amount

5.

Mar. 31

enter an account title to record the fifth transaction

Enter a debit amount

Enter a credit amount

enter an account title to record the fifth transaction

Enter a debit amount

Enter a credit amount

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Answer 1

	Account Titles and Explanation	Debit	Credit
Mar 31	Depreciation expense	2100		=700*3
	Accumulated Depreciation—Equipment		2100
Mar 31	Unearned Rent Revenue	15500		=31000/2
	Rent Revenue		15500
Mar 31	Interest Expense	1000
	Interest Payable		1000
Mar 31	Supplies expense	5375		=7500-2125
	Supplies		5375
Mar 31	Insurance expense	3000		=1000*3
	Prepaid Insurance		3000