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QUESTION 3 Not complete Marked out of 84.00 P Flag question Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance Supplies inventory Office equipment Unearned rent revenue Salaries expense Rent revenue $6,660 1,930 5,952 $5,250 3,100 5,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid Insurance represents a three-year premium paid on January 1, 2015 2. Supplies of $850 were still available on January 31, 3. Office equipment-purchased on January 1, 2015-is expected to last eight years. 4.On January 1,2015, Ideal Properties collected six months rent in advance from a tenant renting space for $875 per month 5. Accrued employee sajaries of $490 have not been recorded as of January 31. Record the adjusting entry made on January 31, 2015 for each of the above transactions.
Cash Noncash Contra Contrib Assets Assets LiabilitiesCapitalCapital 1. Prepaid 0 0 0 0 premium. 2. Supplies used during 0 0 0 0 3. Office equipment 0 on January 0 0 4. Rent collected in advance 0 0 0 5.Accrued salaries recorded as of 0
Net Revenues - Expenses = income 0 0 0 0 0 0 0 0 0 0 0

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Insurance expense Prepaid insurance Supplies expense Supplies inventory Depreciation expense Accumulated depreciation. Unearned rent revenue Rent revenue Salaries expense Salaries payable ntry n. 3 ntry
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Answer #1

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