Step 1 Analyze the following transactions and record the journal entry in the template spreadsheet tab labeled Journal Entry. 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 on a piece of equipment for $2,000 and the equipment costs $1,500. The sale is a credit sale. Record sale under a perpetual system of inventory. 7. The company wrote off an account for $5,000, which was subsequently recovered. Record the journal entries upon the recovery. Step 2 Post the entries to unadjusted trial balance, making it an adjusted trial balance on the tab of the spreadsheet called Trial Balance. Step 3 Prepare T-Accounts using the data from Steps 1 and 2 on the T-Accounts tab. Step 4 Prepare the income statement and the balance sheet on the fourth tab of the spreadsheet called financial statements. Stan 5