Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as...

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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. Debits Credits Prepaid insurance $15,000 Supplies inventory Office equipment 4,343 13,392 $11,808 6,975 33,750 Unearned rent liability Salaries expense Rent revenue 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 $1,913. were still available on January 1,31. 3. Office equipment-purchased on January 1, 2015-is expected to last nine years. 4. On January 1, 2015, Ideal Properties collected six months' rent in advance from a tenant renting space for $1,968 per month. 5. Accrued employee salaries of $1,103 have not been recorded as of January 31. Record the adjusting entry made on January 31, 2015 for each of the above transactions. Financial statement effects template Journal entries Cash Noncash Contra Contrib. Earned Net Transaction Asset Assets Assets Liabilities Capital Capital Revenues Expenses income 1 Prepaid insurance premium. 0 0 2 Supplies used during January. 0 0 3 Office equipment purchased on January 1 0 0 4Rent collected in advance on January 1 0 0 5 Accrued salaries not recorded as of January 31. 0 0 ooooo ooooo 0 0 0 0 0 0 oooo 0 0 0 ooooo 0 0 0 0 0 ooooo 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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. Debits Credits Prepaid insurance $15,000 Supplies inventory Office equipment 4,343 13,392 $11,808 6,975 33,750 Unearned rent liability Salaries expense Rent revenue 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 $1,913. were still available on January 1,31. 3. Office equipment-purchased on January 1, 2015-is expected to last nine years. 4. On January 1, 2015, Ideal Properties collected six months' rent in advance from a tenant renting space for $1,968 per month. 5. Accrued employee salaries of $1,103 have not been recorded as of January 31. Record the adjusting entry made on January 31, 2015 for each of the above transactions. Financial statement effects template Journal entries Cash Noncash Contra Contrib. Earned Net Transaction Asset Assets Assets Liabilities Capital Capital Revenues Expenses income 1 Prepaid insurance premium. 0 0 2 Supplies used during January. 0 0 3 Office equipment purchased on January 1 0 0 4Rent collected in advance on January 1 0 0 5 Accrued salaries not recorded as of January 31. 0 0 ooooo ooooo 0 0 0 0 0 0 oooo 0 0 0 ooooo 0 0 0 0 0 ooooo 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0