Part 3. Transaction Analysis (24 T) Journalize the following transactions Including the correct accounts involved, and the correct application of debits and credits. 1. Adjusting Entries 2. Closing Process (2T) 3. Basic Transactions? (2T) 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 Accumulated Amortization $1200 $2800 $24,000 $2,200 Unearned Revenue $9,300 An analysis of the accounts shows the following: 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 10 years One third of the unearned revenue was earned in March New Bal. Date Account Debit Credit To Redord Use of Prepaid Insurance To Record Supplies Used $2800-$2000 To Record Monthly Amortization To Record Revenue Earned