**Worksheet for Preparing Adjusting Entries as of March 31**This worksheet is designed to assist in preparing adjusting entries at March 31, assuming that entries are made quarterly. Here's a detailed breakdown of the components:### Instructions:- Credit account titles are automatically indented when the amount is entered. - Do not indent manually.- If no entry is needed, select “No Entry” for the account titles and enter 0 for the amounts.### Table Structure:#### Columns:1. **No.**: Sequential number for each entry (1 to 5).2. **Date**: The date of the transaction, listed as "Mar. 31" for all entries.3. **Account Titles and Explanation**: Space to input the name of the account and a brief explanation of the transaction.4. **Debit**: Column to record the debit amount for the transaction.5. **Credit**: Column to record the credit amount for the transaction.Each row corresponds to a separate adjusting entry, allowing for up to five entries. Make sure to follow the guidelines for formatting and input precisely to maintain accuracy in financial reporting. The ledger of Pharoah Company on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared:| Account | Debit | Credit ||----------------------------------------|---------|---------|| Supplies | $3,840 | || Prepaid Insurance | $4,608 | || Equipment | $32,000 | || Accumulated Depreciation—Equipment | | $10,752 || Notes Payable | | $25,600 || Unearned Rent Revenue | | $15,872 || Rent Revenue | | $76,800 || Interest Expense | $0 | || Salaries and Wages Expense | $17,920 | |**Analysis of the Accounts:**1. The equipment depreciates $368 per month.2. Half of the unearned rent revenue was earned during the quarter.3. Interest of $512 should be accrued on the notes payable.4. Supplies on hand total $1,088.5. Insurance expires at the rate of $512 per month.

ADJUSTING ENTRIESAdjusting entries are those journal entries which are passed at the end of…

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1. Mar. 31 2. 3. 4. Mar. 31 Mar. 31 Mar. 31 5. Mar. 31 Debit 1000000 Credit 1000000

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1. Mar. 31 2. 3. 4. Mar. 31 Mar. 31 Mar. 31 5. Mar. 31 Debit 1000000 Credit 1000000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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