Journalizing Transactions and Adjusting Accounts

Selected accounts of Ideal Properties, a real estate management firm, are shown below as of

January $31$ before any adjusting entries have been made.

Monthly financial statements are prepared. Using the following information, prepare the

adjusting entries necessary on January $31.$

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

Supplies of $$1,275$ were still available on January $31.$

Office equipment purchased on January $1,$ is expected to last eight years.

Round calculation to the nearest whole number.

On January $1,$ Ideal Properties collected six months' rent in advance from a tenant renting space

for $$1,310$ per month.

Accrued employee salaries of $$735$ have not been recorded as of January $31.$