Exercise 5- The ledger of Swifty Corporation on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Debit Credit $ 7,200 2,800 18,750 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue $ 8,400 21,000 9,900 61,000 Rent Revenue 0 Interest Expense Salaries and Wages Expense 18,000 An analysis of the accounts shows the following. 1. 2. 3. The equipment depreciates $300 per month. One-third of the unearned rent revenue was earned during the quarter. Interest totaling $525 is accrued on the notes payable for the quarter. Supplies on hand total $690. Insurance expires at the rate of $400 per month. 4. 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 Expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31