E3-7 The ledger of Piper 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 9,900 Rent Revenue 60,000 Interest Expense -0- Wage Expense 14,000 An analysis of the accounts shows the following. The equipment depreciates $400 per month. One-third of the unearned rent was earned during the quarter. Interest of $500 is accrued on the notes payable. Supplies on hand total $700. Insurance expires at the rate of $200 per month. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Date Account/Description Debit Credit 1. Mar.31 2. Mar.31 3. Mar.31 4. Mar.31 5. Mar.31