The ledger of Kingbird, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit $7,200 Supplies Prepaid Insurance 8,640 Equipment 60,000 Accumulated Depreciation- Equipment $20,160 Notes Payable 48,000 Unearned Rent Revenue 29,760 Rent Revenue 144,000 Interest Expense Salaries and Wages Expense 33,600 An analysis of the accounts shows the following. The equipment depreciates $672 per month. 1. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $960 is accrued on the notes payable. 4. Supplies on hand total $2,040. Insurance expires at the rate of $960 per month. 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 0 for the amounts. Credit accou Account Titles and Explanation Debit Credit No. Date 1 Mar. 31 2. Mar. 31 Mar. 31 3. Mar. 31 4. 5. Mar. 31

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