Adjusting Entries The Wheel Place, Inc., began operations on March 1 to provide automotive wheel alignment and balancing services. On March 31, 2012, the unadjusted balances of the firm's accounts are as follows: THE WHEEL PLACE, INC. Unadjusted Trial Balance March 31, 2012 Debit Credit Cash $1,900 Accounts Receivable 3,820 Prepaid Rent 4,770 Supplies 3,700 Equipment 36,180 Accounts Payable Unearned Service Revenue Common Stock 2,510 1,000 38,400 Service Revenue 12,360 Wages Expense 3,900 Totals $54,270 $54,270 The following information is also available: 1. The balance in Prepaid Rent was the amount paid on March 1 for the first 5 months rent. 2. Supplies on hand on March 31 were $1,820. 3. The equipment, has an estimated life of 3 years. 4. Unpaid wages at March 31 were $570. 5. Utility services used during March were estimated at $400. A bill is expected early in April. 6. The balance in Unearned Service Revenue was the amount received on March 1 from a new car dealer to cover alignment and balancing services on all new cars sold by the dealer in March and April. The Wheel Place agreed to provide the services at a fixed fee of $550 each month.