Question 1 Partially correct Mark 0.67 out of 2.00 P Flag question Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made: Unadjusted Account Balances Prepaid insurance $33,300 Supplies 9,650 Office equipment 29,760 Unearned rent revenue 26,250 Salaries expense 15,500 Rent revenue 75,000 Monthly financial statements are prepared. Using the Transaction Analysis Template, determine the financial statement effect of the following adjustments as of January 31: a. Prepaid Insurance represents a three-year premium paid on January 1. b. Supplies of $4,250 were on hand January 31. c. Office equipment is expected to last eight years. Depreciation is recorded monthly d. On January 1, the firm collected six months' rent in advance from a tenant renting space for $4,375 per month. e. Accrued salaries not recorded as of January 31 are $2,450. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Stockholders Transaction Assets Liabilities Equity Revenues Expenses Net Income a. Adjustment for prepaid insurance. 188 X 0 0 OX OX b. Adjustment or supplies 4.250 X 0 Ox D OX Ox c. Adjustment for office equipment. OX Ox 0 OX d. Adjustment for rent collected in advance. ov OX 118 X e. Adjustment for accrued salaries. O OX 925 x O 0 OX OX 0 OX