A review of the ledger of Crane Corporation at its year end, July 31, 2024, produces the following unadjusted data for the preparation of annual adjusting entries: 1. Prepaid Insurance, July 31,2024 , unadjusted balance, $9,680 : The company purchased an insurance policy on December 1. 2022, with a two-year term, which expires November 30,2024 . 2. Buildings, July 31,2024 , unadjusted balance, $275,400 : The company owns a building purchased on September 1,2017, for $275,400, with an estimated 30 -year useful life. The company uses straight-line depreciation. 3. Deferred Revenue, July 31,2024 , unadjusted balance, $46,750. The selling price of a digital magazine subscription is $60 for 24 monthly issues delivered over a two-year period. The company had sold 1,100 subscriptions on January 1, 2023, during a special promotion. for the previous five-day workweek (Monday to Friday). 6 employees receive a salary of $590 each per week, and 3 employees earn $760 each per week. July 31 is a Wednesday. (a1) How much insurance expires per month for the building? Insurance expires per month $ (a1) How much insurance expires per month for the building? Insurance expires per month \$ (a3) What was the original purchase price of the policy on December 1, 2022? Original purchase price of the policy (a4) How much should the adjusted balance in the Prepaid Insurance account be at July 31,2024 ? Adjusted balance in the Prepaid Insurance account (b1) How much is annual depreciation expense for the building? Annual depreciation expense (c3) How enuch should the adjusted balance in the Deferred Revenue account be at July 31, 2024? Adjusted balance in the Deferred Revenue account (d1) How much salary was paid on the last payday, Monday, July 29 ? Satary (d2) How much, if any, salary is awed to the employes on July 31 ? Salary 5 (d3) How much salary will be paid an the next payday. Monday. August 5 ? salary (e) Prepare the adjusting journal entries required for each of the above four items at July 31, 2024, (Hint: Use the account Subscription Revenue for item (c).) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar, If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) (b1) How much is annual depreciation expense for the building? Annual depreciation expense (b2) Calculate the unacfiusted balance in the Accumulated Depreciation-8uildings account as at July 31.2024. Unadjusted balance in the Accumulated Deprecistion-Euildings account $ (b3) How much should the adjusted balance in the Accumulated Depreciation-Buildings account be at July 31.2024? Adjusted balance in the Accumulated Depreciation-Euildings account (c1) How much does the company earn per month for the magazine subscriptions? Revenue
