Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly

 

Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 1. 2. Debit Credit $4,800 5,760 40,000 3. 4. 5. 0 22,400 An analysis of the accounts shows the following. The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. $13,440 32,000 19,840 96,000 Interest of $640 is accrued on the notes payable. Supplies on hand total $1,360. Insurance expires at the rate of $640 per month