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			4,343
Office equipment			13,392
Unearned rent liability					$11,808
Salaries expense			6,975
Rent revenue					33,750

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 equipmentpurchased on January 1, 2015is 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.

				Cash		Noncash		Contra				Contrib.		Earned						Net
Transaction				Asset	+	Assets	-	Assets	=	Liabilities	+	Capital	+	Capital		Revenues	-	Expenses	=	income
1 Prepaid insurance premium.
2 Supplies used during January.
3 Office equipment purchased on January 1
4Rent collected in advance on January 1
5 Accrued salaries not recorded as of January 31.