Adamczyk Property Management Company opened for business on January 1, 2020. A partial list of accounts and balances from the January 31 unadjusted trial balance follows:

Debit Credit

Cash $0

Accounts receivable 15,250

Supplies 5,000

Prepaid Insurance 2,400

Equipment 65,000

Accumulated Depreciation - Equipment $0

Notes Payable 60,000

Unearned Rent Revenue 42,000

Rent Revenue 100,000

Interest Expense 0

Salaries expense 15,000

Dividends 5,000

After some analysis, Adamczyks accounting manager determines the following:

1. A physical count of supplies reveals $1,500 on hand.
2. 20% of the unearned rent revenue remains unearned on January 31.
3. A one-year $60,000 promissory note was signed by the Adamczyk CFO on January 15 at an annual rate of 10%. Interest and principal will be paid on January 15, 2021.
4. Insurance expires at a rate of $400 per month.
5. Equipment depreciates at a rate of $12,000 per year.

Instructions

Using the above information, prepare month-end adjusting entries in good form.