Question 3 The general ledger of the Flounder Company on March 31st, 2023 includes the following selected accounts before adjusting entries have been prepared: Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equipment Ins

truction: Notes Payable Service Revenue Salaries Expense Telephone Expense Debit $17,260 3,600 2,650 26,500 14,300 1,050 Credit $7,750 14,800 50,100 An analysis of the accounts shows the following: 1. Accounts due from customers but not yet billed total $1,300. 2. A count of supplies show there is $800 supplies on hand. 3. The telephone bill of $280 has not yet been received for the month (use Accounts Payable). 4. The prepaid one-year insurance policy was bought on January 1, 2023. a. Prepare the adjusting entries at March 31, 2023. b. If the company had net profit of $7,500 before the above adjusting entries, determine the net profit after the adjustments.