Step 1: Analyze the following transactions and record the journal entry in the template below. 1. The equipment depreciates $350 per month. 2. One-half of the unearned revenue was recognized as revenue during the quarter. 3. Interest of $1,500 is accrued on the notes payable. 4. Supplies on hand total $850. 5. Insurance expires at the rate of $400 per month. 6. A sale and delivery is made with a piece of equipment for $2,000 and the equipment cost $1,500. The sale is a credit sale. Record sale under a perpetual system of inventory. 7. Company wrote off an account for $5,000, which was subsequently recovered. Record the journal entries upon the recovery.