The ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before preparing quarterly adjusting entries:

An analysis of the accounts shows the following:

1. The equipment has a four-year useful life.

2. One quarter of the unearned rent is still unearned on March 31, 2021.

3. The note payable has an interest rate of 6%. Interest is paid every June 30 and December 31.

4. Supplies on hand at March 31 total $850.

5. The one-year insurance policy was purchased on January 1, 2021.

6. As at March 31, a tenant owed Bourque $700 for the month of March.

InstructionsPrepare the quarterly adjusting entries required at March 31, 2021.

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Debit Credit Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Notes payable Rent revenue Salaries expense $14,400 37,800 $ 9,450 9,300 30,000 30,000 14,000