The ledger of Duggan Rental Agency on March 31

E3-5 The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts 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 9,300 Rent Revenue 60,000 Interest Expense 0 Salaries and Wage Expense 14,000 Totals: $45,400 $97,700 An analysis of the accounts shows the following: 1. The equipment depreciation $250 per month is: 2. One-third of the unearned rent was earned during the quarter. 3. Interest of $500 is accrued for the month on notes payable is: 4. Supplies on hand total $850 5. insurance expires at the rate of $300 per month Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, Supplies Expense. (Omit explanations.) TUTORIAL PREVIEW Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, Supplies Expense. (Omit explanations.) 1 Depreciation Expense ($250 per month × 3 months) 750 Accumulated Depreciation - Equipment 750 End of quarter adjusting entry - Depreciation Expense / Equipment  File name E3-5 Duggan Rental.xls  File type: xls  PRICE:$5