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

An analysis of the accounts shows the following.1. The equipment depreciates $400 per month.2. One-third of the unearned rent revenue was earned during the quarter.3. Interest of $500 is accrued on the notes payable.4. Supplies on hand total $700.5. Insurance expires at the rate of $200 per month.InstructionsPrepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and SuppliesExpense.

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Debit Credit S 3.600 2,800 25.000 Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue $ 8,400 20,000 9,900 60.000 Rent Revenue Interest Expense Wages Expense -0- 14.000