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E3-7 The ledger of Villa Rental Agency

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E3-7 The ledger of Villa Rental Agency on March 31 of the current year includes the
selected accounts, shown below, before adjusting entries have been prepared

An analysis of the accounts shows the following.
1. The equipment depreciates $300 per month.
2. One-third of the unearned rent revenue was recognized during the quarter.
3. Interest of $500 is accrued on the notes payable.
4. Supplies on hand total $650.
5. Insurance expires at the rate of $200 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable,
and Supplies Expense

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