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The ledger of Pharoah Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

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The ledger of Pharoah Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance Supplies $6,048 5,040 Equipment 44,800 Accumulated Depreciation-Equipment $14,112 Notes Payable Unearned Rent Revenue Rent Revenue 28,000 12,432 100,800 Interest Expense 0 Salaries and Wages Expense 22,400 An analysis of the accounts shows the following. 1. The equipment depreciates $672 per month. 2. Two-thirds of the unearned rent revenue was earned during the quarter. 3. The note payable is dated January 1 and bears 12% interest. 4. Supplies on hand total $896. 5. The insurance policy is a two-year policy dated January 1. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. 3. 31 34 31 31 4. 31 5. 31

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