Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2019, before any adjusting entries have been made. Debits Credits Prepaid insurance $6,660 Supplies inventory 1,930 Office equipment 5,952 Unearned rent liability $5,250 Salaries expense 3,100 Rent revenue 15,000 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 three-year premium paid on January 1, 2019. 2. Supplies of $850 were still available on January 31. 3. Office equipment-purchased on January 1, 2019-is expected to last eight years. 4. On January 1, 2019, Ideal Properties collected six months' rent in advance from a tenant renting space for $875 per month. 5. Accrued employee salaries of $490 have not been recorded as of January 31. Record the adjusting entry made on January 31, 2019 for each of the above transactions. General Journal Description Debit Credit Date Jan. 31 To record Transaction 1. adjusting entry. Jan. 31 To record Transaction 2. adjusting entry. Jan. 31 To record Transaction 3. adjusting entry. Jan. 31 To record Transaction 4. adjusting entry. Jan. 31 To record Transaction 5. adjusting entry. Financial statement effects template Journal entries Cash Noncash Contra Contrib. Earned Transaction Liabilities Capital Capital Revenues Asset Assets Assets 1.Prepaid insurance premium. 2. Supplies used during January. 3. Office equipment purchased on January 1. 4.Rent collected in advance on January 1. 5. Accrued salaries not recorded as of January 31. Net income Revenues Expenses