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Question 1 (50 points] The following information is available for Southgate Inc on March 31 for the month just ended a A review of the $1,800 unadjusted balance in the supplies account shows a balance on hand at the end of the month of 51100 6 59 500 of advertising Southgate Inc placed in the local newspaper is unrecorded and unpaid C 55 000 of the 55 250 rent paid to Southgate Inc in advance has not yet been samed d Accrued salanes at month-end totalled $5.500 e $1.450 of the rent paid in advance has been used F $90 of interest has accrued on a note payable and is unrecorded g Furniture purchased at the start of the month for S10 500 is estimated to have a useful life of tive years After this time the furniture will be sold for $3,000 h Southgate Inc purchased equipment at the start of the month The equipment cost $31.500 and is expected to bave a residual value of $7,500 at the end of its fe year life A review of the S11 500 unadjusted balance in the prepaid rent account shows a remaining balance of 4750 at the end of the month The monthly depreciation on the building is $200 Prepare the required adjusting entries at March 31 2014 Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format ddime January 15 would be an for each journal entry indicate how each account affects the balance sheet (Assets Liabilities, Equity Use for increase and for decrease Forexample of an account decreases equity choose Equity General Journal Page JB Effect on Account Explanation F Debit Credit Balance Sheet Toe bere to search 0 Nahi