Prepare adjusting entries for deferrals. (LO 5) DO IT! 3-2 The ledger of Lafayette, Inc. on March 31, 2014, includes the following se- lected accounts before adjusting entries. Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue Debit 2,400 2,500 30,000 9,000 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $300 per month. 2. Supplies on hand total $1,400. 3. The equipment depreciates $200 per month. 4. 2/5 of the unearned service revenue was recognized in March. Prepare the adjusting entries for the month of March