Bulls Inc. prepares adjusting entries and closes its books monthly. Selected balances from the January 31 adjusted trial balance are as follows: Prepaid Rent Prepaid Insurance Insurance Expense Accumulated Depreciation: Equipment Service Revenue Unearned Revenue Debit 5,400 1,440 1530 Credit 4,200 4,000 1,500 Determine: 1. Calculate the monthly rent expense given that 6 month's rent was prepaid on January 1 2. Calculate the 1/1 balance in the prepaid insurance account if the insurance expense on adjusted trial balance is the January 31 adjusting entry. No additional insurance was purchased in January. 3. If $3,100 cash was received in January for services performed in January, what was the balance in Unearned Service Revenue on January 1? No services were prepaid by customers in January and the company does not extend credit. Assume the following for Liana: Adjusted Trial Balance: Accounts Receivable Sales Credit losses (bad debts expense) Sales Returns Allowance for Doubtful Accounts Sales Discounts I I I Also known: all sales are on credit; no AR were reinstated; beginning Accounts Receivable was $3,000 Using T-accounts, give entries for: Credit sales Sales returns Write-off of receivables Credit losses (bad debts provision) Collection of receivables I I > What was the beginning balance of Allowance for Doubtful Accounts? I Debit 24,000 Unearned Revenue Prepaid Rent Utilities Payable Supplies 900 200 500 150 > Give complete adjusting entries if know that adjusting entries included the following changes: I Interest Receivable + $200 + $75 + $40 Credit 16,000 21,000 + $150 - $12 1,200 Balance 8,000 21,000 900 200 700 150