Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Prepaid insurance Supplies inventory Ollice equipment Uneamed rent revenue Salaries experse Rent revenue Debits Credits $13,320 3,860 11,904 $10.500 6,200 30,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid Insurance represents a five-year premium paid on January 1, 2015. 2. Supplies of $1,700 were still available on January 31, 3. Office equipment-purchased on January 1, 2015 - is expected to last eight years. 4. On January 1, 2015, Ideal Properties collected six months' rent in advance from a tenant renting space for $1,750 per month. 5. Accrued employee salaries of $980 have not been recorded as of January 31. Record the adjusting entry made on January 31, 2015 for each of the above transactions. Cash Noncash Contra Contrib Earned Transaction Asset Assets Assets Liabilities Capital Capital Revenues Expenses 1. Prepaid insurance premium. 222 X (222) 2. Supplies used during January 2,160 x OX 2,160 (2,160) 3. Office equipment purchased on January 1, 124 124 (124) 4. Rent collected in advance on January 1. 10.500 X 0 1.750 1,750 5. Accrued salaries not recorded as of January 31 0 0 980 980 (980) 27,680 x 0 X O X 980 X OX 1,750 3,486 (1,736) Net income 0 OX 222 OX 0 0 0 0