E$4\mathrm{.}11($LO $2,3)($Prepare adjusting entries.$)$ On March $31,2024,$ Easy Rental Agency Inc.$\text{'}$s trial

balance included the following selected unadjusted account balances. The company's year end

is December $31$ and it adjusts its accounts quarterly.

An analysis of the accounts shows the following:

The equipment, which was purchased on January $1,2023,$ is estimated to have a useful

life of four years. The company uses straight$-$line depreciation.

One$-$third of the deferred revenue related to rent is still unearned at the end of the

quarter.

The bank loan payable has an interest rate of $6\%.$ Interest is paid on the first day of each

following month and was last paid on March $1,2024.$

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

The one$-$year insurance policy was purchased for $$14,400$ on January $1.$

Income tax is estimated to be $$3,200$ for the quarter.

Instructions

Prepare the quarterly adjusting entries required at March $31.$