Refer to the information in M3-18. Prepare journal entries for each of parts

(a) through (e).

Q3-18

Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted.

Piotroski Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31, using the financial statement effects template.

a. Prepaid insurance represents a three-year premium paid on January 1.

b. Supplies of $ 950 were still available on January 31 .

c. Office equipment is expected to last eight years (or 96 months).

d. Earlier this month, on January 1, Piotroski collected \(\$ 5,250\) for six months' rent in advance from a tenant renting space for \(\$ 875\) per month.

e. Salaries of $ 490 have been earned by employees but not yet recorded as of January 31.

Transcribed Image Text:

Prepaid Insurance Supplies..... Office Equipment.. Unearned Rent Revenue Salaries Expense. Rent Revenue... Debits $6,660 1,930 5,952 3,100 Credits $5,250 15,000