*Exercise 3-05 The ledger of Metlock Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance Debit $3,372 Credit Supplies 2,804 Equipment 23,330 Accumulated Depreciation-Equipment $8,217 Notes Payable 20,880 Unearned Rent Revenue 4,080 Rent Revenue 56,130 Interest Expense Salaries and Wages Expense -0- 13,600 An analysis of the accounts shows the following. 1. The equipment depreciates $244 per month. 2. One-third of the unearned rent was recognized as revenue during the quarter. 3. Interest of $450 is accrued on the notes payable. 4. Supplies on hand total $650. 5. Insurance expires at the rate of $281 per month. 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 Expenses. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation 1. Debit Credit 2. 3. 4. 5