The ledger of Armour Lake Lumber Supply on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared. LO3 Debit Credit Investment in Note Receivable $ 20,000 Supplies 24,000 Prepaid Rent 3,600 Buildings 250,000 Accumulated Depreciation—Buildings $140,000 Unearned Service Revenue 11,500 An analysis of the company’s accounts shows the following.

1. The investment in the notes receivable earns interest at a rate of 6% per year.

2. Supplies on hand at the end of the month totaled $18,600.

3. The balance in Prepaid Rent represents 4 months of rent costs.

4. Employees were owed $3,100 related to unpaid salaries and wages.

5. Depreciation on buildings is $6,000 per year.

6. During the month, the company satisfied obligations worth $4,700 related to the Unearned Services Revenue.

7. Unpaid maintenance and repairs costs were $2,300.

Instructions Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.

Use additional accounts as needed.