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Instructions Prospect Realty Co. pays weekly salaries of $18,030 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at

Instructions Prospect Realty Co. pays weekly salaries of $18,030 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. Chart of Accounts ASSETS 11 Cash CHART OF ACCOUNTS 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment Prospect Realty Co. General Ledger 17 Accumulated Depreciation-Equipment REVENUE 41 Fees Eamed EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salaries Expense 55 Supplies Expense LIABILITIES 21 Accounts Payable 22 Uneamed Fees 23 Salaries Payable 24 Taxes Payable 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends

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