Exercise 3-7 The ledger of Passehl Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared Debit Credit Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Saies and Wages Expense $1,800 3,500 18,750 $8,200 25,000 9,000 62,000 17,000 An analysis of the accounts shows the following 1. The equipment depreciates $300 per month 2. One-third of the unearned rent revenue was earned during the quarten 3. Interest of $625 is accrued on the notes payable 4. Supplies on hand total $520 5. Insurance expires at the rate of $100 per month Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31