Part 3. Transaction Analysis (24 T). Apply your knowledge of the proper entries to be made on the following transactions. Including the correct accounts involved, and the correct application of debits and credits. 1. Adjusting Entries The trail balance of New Balance on March 31, 2008 includes the following selected accounts before adjusting entries. Prepaid Insurance Office Supplies Office Equipment $1200 $2800 $24,000 Accumulated Amortization Unearned Revenue An analysis of the accounts shows the following: $2,200 $9,300 The one-year insurance policy was purchased on March 1, 2008 Office supplies on hand at March 31 total $800 Office equipment was purchased on April 1, 2007 and ahs an estimated useful life of 1 years One third of the unearned revenue was earned in March New Bal. Date Account To Record Use of Prepaid Insurance To Record Supplies Used $2800-$2000 To Record Monthly Amortization Debit Credit