PROBLEM 2 The ledger of White Company on April 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Debit Credit $ 15,000 $ 6,500 $ 33,750 Accounts Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment Notes Payable Unearned Rent Revenue $2,500 $ 20,000 $ 40,000 $ 39,000 Rent Revenue Interest Expense Salaries and Wages Expense $ 6,000 $ 40,250 An analysis of the accounts show the following. 1. The equipment depreciates $750 per month 2. Insurance expires at the rate of $420 per month. 3. Interest of notes payable is accrued (the notes payable was since January 1 on the same year with 1296). 4. One-fifth of the unearned rent revenue was recognized during the quarter. 5. Supplies on hand total $3,750, Instructions Prepare the adjusting entries at April 31 for White Company, assuming that the adjusting entries are made quarterly