Problem 3 Blanchard's accounting period is one month and records adjusting entries at the end of each month. Read the description of following adjustments that are required at the end of the accounting period, March 31, for Blanchard Consulting Services. Journalize the necessary adjusting entries for the month of March in a general journal. Omit the descriptions. Use standard account titles, like those used in your textbook. 1 A 12-month lease (that means rent) on office space was signed and paid on January 1 for a total of $12,000. 2 Purchased supplies for $4,000 on January 22. Supplies used in March were $300. 3 Depreciation is computed using the straight-line method. Equipment purchased on January 1 for $5,000 has an estimated useful life of 4 years with a residual value of $500. 4 Paid for 6 months of insurance for the company car on January 1. The amount paid was $1,200. 5 Employees earned $4,200 in wages at the end of March, but payday isn't until April 2. Tip: Remember you are journalizing the March 31 adjusting entry, NOT the original transaction! Date Accounts Debit Credit