Adjusting Entries Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January $31,$ before any adjusting entries have been made:

Debit

Credit

Prepaid Insurance

$$10,800$

SuppLies

$2,895$

Office Equipment

$8,928$

Unearned Rent LIABILITY

$$7,875$

Salaries Expense

$4,650$

Rent Revenue

$22,500$

Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January $31$ AND USE THE FINANCIAL STATEMENTS EFFECTS TEMPLATE

a$.$ Prepaid Insurance represents a three$-$year premium paid on January $1.$

b$.$ Supplies of $$1275$ were on hand January $31.$

c$.$ Office equipment is expected to last eight years $.$ Depreciation is recorded monthly.

d$.$ On January $1,$ the firm collected six months' rent in advance from a tenant renting space for $$1310$ per month.

e$.$ Accrued salaries not recorded as of January $31$ are $$735$