View Policies Current Attempt in Progress The ledger of Larkspur, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Credit Debit $5,400 6,480 45,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $15.120 36,000 22,320 108,000 0 25,200 An analysis of the accounts shows the following. 1. 2. 3. The equipment depreciates $504 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $720 is accrued on the notes payable. Supplies on hand total $1,530. Insurance expires at the rate of $720 per month. 4. 5. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Debit Credit Account Titles and Explanation Depreciation Expense 1. Mar. 31 Accumulated Depreciation Equipment 2. Mar. 31 Unearned Rent Revenue Rent Revenue 3. Mar. 31 Interest Expense Interest Payable 4. Mar. 31 Supplies Expense Supplies 5. Mar. 31 Insurance Expense Prepaid Insurance