Exercise 3-7 The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Debit Credit Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable $12,600 3,000 31,250 $ 8,600 22,000 Unearned Rent Revenue 9,200 Rent Revenue 60,000 Interest Expense Salaries and Wages Expense 19,000 An analysis of the accounts shows the following. The equipment depreciates $500 per month. 2. One-third of the unearned rent revenue was earned during the quarter 1. Interest totaling $550 is accrued on the notes payable for the quarter. 4 3 Supplies on hand total $660. 5 Insurance explires at the rate of $700 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 Expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles Debit Credit Date 1 Mar. 31, yable, and Supplies re automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles Debit Credit 1. Mar. 31 2. Mar. 31 I 3. Mar. 31 Mar. 31 S. Mar. 31