Exercise 3-7 The ledger of Oriole Company on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared Debit Credit Prepaid Insurance $1,800 Supplies 2,800 18,750 Equipment Accumulated Depreciation-Equipment 8,100 Notes Payable 24,000 Unearned Rent Revenue 10,800 Rent Revenue 60,000 Interest Expense Salaries and Wages Expense 14,000 An analysis of the accounts shows the following. The equipment depreciates $300 per month 1. 2 One-third of the unearned rent revenue was earned during the quarter 3. Interest totaling $600 is accrued on the notes payable for the quarter. 4. Supplies on hand total $560. Insurance expires at the rate of $100 per month 5. 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