Adjusting Entries
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 DepreciationEquipment						$ 8,400
	Notes Payable						20,000
	Unearned Rent Revenue						8,400
	Rent Revenue						60,000
	Interest Expense					-
	Salaries and Wages Expense					14,000
An analysis of the accounts shows the following.
	1. The equipment has no salvage value and the annual depreciate rate is
	20% under straightline method.
	2. One-fourth of the unearned rent was recognized as revenue during the quarter.
	3. Interest on notes payable is accrued, the annual rate is 10%.
	4. Supplies on hand total $950.
	5. Insurance expires at the rate of $400 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, and Supplies Expense. (Omit explanations.)
							Debit	Credit
1
2
3
4
5