Monthly financial statements are prepared. Using the following information, 1. Prepaid Insurance represents a three-year premium paid on January 1. 2. Supplies of $1,275 were still available on January 31. 3. Office equipment-purchased on January 1, -is expected to last eight years. 4. On January 1, Ideal Properties collected six months' rent in advance from a tenant renting space for $1,310 per month

5. Accrued employee salaries of $735 have not been recorded as of January 31. Record the adjusting entry made on January 31, for each of the above transactions

Adjusting Accounts Using the Financial Statement Effects Template (FSET) 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, report the adjusting entries necessary on January 31 using the financial statements effect template