15 Prepare adjusting entries for the following transactions. Omit explanations. Journal paper is provided on the next page. 1. Depreciation on equipment is $1,340 for the accounting period. 2. Interest owed on a loan but not paid or recorded is $275. 3. There was no beginning balance of supplies and $550 of office supplies were purchased during the period. At the end of the period $100 of supplies were on hand. 4. Prepaid rent had a $1.000 normal balance prior to adjustment. By year end $700 had expired Accrued salaries at the end of the period amounted to $900. 5 15 (continued) General Journal Debit Credit Ref Account 1 2 3 4 5 16 Leyland Realty Company received a check for $15,000 on July 1, which represents a 6- month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $15,000. Financial statements will be prepared on July 31. Leyland Realty should make the following adjusting entry on July 31: a. debit Unearned Rent Revenue, $2,500; credit Rent Revenue, $2,500. b. debit Rent Revenue, $2,500; credit Unearned Rent Revenue, $2,500 c. debit Unearned Rent Revenue, $15,000; credit Rent Revenue, $15,000. d. debit Cash, $15,000; credit Rent Revenue, $15,000