Instruction Prepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trial balance.) E3-5 (L03) EXCEL (Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit $3,600 2,800 25,000 Credit Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment Notes Payable Unearned Rent Revenue Rent Revenue $8,400 20,000 9,300 60,000 Interest Expense Salaries and Wages Expense 14,000 An analysis of the accounts shows the following 1. The equipment depreciates $250 per month. 2. One-third of the unearned rent was recognized as revenue during the quarter. 3. Interest of $500 is accrued on the notes payable. 4. Supplies on hand total $850 5. Insurance expires at the rate of $300 per month