BALANCE SHEET						INCOME STATEMENT
a.	TRANSACTION	CASH ASSET	NONCASH ASSETS	LIABILITIES	CONTRIB CAPITAL	EARNED CAPITAL		REVENUES	EXPENSES	NET INCOME
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Assessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Portage Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. LO3 M3-18. mewo Debit Credit MBC 1,540 Unearned rent revenue 5,550 Rent revenue 13,250 Portage Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statement effects template. a. Prepaid insurance represents a two-year premium paid on January 1. b. Supplies of $710 were still available o anuary 31. c. Office equipment is expected to last eight years (or 96 months). d. Earlier this month, on January i, Portage collected $5,550 for six months' rent in advance from a tenant renting space for $925 per month. e. Salaries of $490 have been earned by employees but not yet recorded as of January 31