Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January
Question:
Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjusting entries have been made:
Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January 31 :
a. Prepaid Insurance represents a three-year premium paid on January 1.
b. Supplies of \(\$ 975\) were on hand January 31 .
c. Office equipment is expected to last eight years. Depreciation is recorded monthly.
d. On January 1, the firm collected six months' rent in advance from a tenant renting space for \(\$ 925\) per month.
e. Accrued salaries not recorded as of January 31 are \(\$ 625\).
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