Question 3: (05) The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Debit $ 3,600 2,800 25,000 Credit 14,000 $ 8,400 20,000 9,900 60,000 Rent Revenue Interest Expense Wages Expense An analysis of the accounts shows the following: 1. The equipment depreciates $300 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $500 and wages of $ 200 are accrued for the quarter. 4. Supplies used total $700. 5. Insurance expires at the rate of $100 per month. Instructions: a) Prepare the adjusting entries on March 31, assuming that adjusting entries are made quarterly. b) Prepare an adjusted trial balance