5. E3-5 (Adjusting Entries) The ledger of Chopin 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 uneamed rent was earned during the quarter. 3. Interest of 500 is accrued on the notes payable. 4. Supplies on hand total 650. 5. Insurance expires at the rate of 300 per month. 5. E3. LAdjusting Entries) Stephen King, D.D.S. opened a dental practice on January 1, 2015. During the hifst month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, 5750 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $520. 3. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a 560,000 . 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for 515,000 . 5. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on hand