Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 3 1 before any adjusting entries have been made Unadjusted Account Balances Debits Credits Prepaid insurance $ 1 9 , 4 4 0 Supplies inventory 5 , 2 1 1 Office equipment 1 6 , 0 7 0 Unearned rent liability $ 1 4 , 1 4 8 Salaries expense 8 , 3 7 0 Rent revenue 4 0 , 5 0 0 Monthly financial statements are prepared Using the following information, report the adjusting entries necessary on January 3 1 using the financial statements effect template 1 Prepaid insurance represents a three year premium paid on January 1 2 Supplies of $ 2 , 2 9 5 were still available on January 3 1 3 Office equipment purchased on January 1 , is expected to last eight years Round calculation to the nearest whole number 4 On January 1 , Ideal Properties collected six months' rent in advance from a tenant renting space for $ 2 , 3 5 8 per month 5 Accrued employee salaries of $ 7 3 5 have not been recorded as of January 3 1 Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset Assets Liabilities Capital Capital Revenues Expenses Income 1 Adj for prepaid insurance Answer 1 0 Answer 2 0 Answer 3 0 Answer 4 0 Answer 5 0 Answer 6 0 Answer 7 0 Answer 8 0 2 Adj for supplies used Answer 9 0 Answer 1 0 0 Answer 1 1 0 Answer 1 2 0 Answer 1 3 0 Answer 1 4 0 Answer 1 5 0 Answer 1 6 0 3 Adj for depreciation Answer 1 7 0 Answer 1 8 0 Answer 1 9 0 Answer 2 0 0 Answer 2 1 0 Answer 2 2 0 Answer 2 3 0 Answer 2 4 0 4 Adj for tenant rent Answer 2 5 0 Answer 2 6 0 Answer 2 7 0 Answer 2 8 0 Answer 2 9 0 Answer 3 0 0 Answer 3 1 0 Answer 3 2 0 5 Adj for salaries Answer 3 3 0 Answer 3 4 0 Answer 3 5 0 Answer 3 6 0 Answer 3 7 0 Answer 3 8 0 Answer 3 9 0 Answer 4 0 0

Question

Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 3 1 before any adjusting entries have been made  Unadjusted Account Balances Debits Credits Prepaid insurance $ 1 9 , 4 4 0 Supplies inventory 5 , 2 1 1 Office equipment 1 6 , 0 7 0 Unearned rent liability $ 1 4 , 1 4 8 Salaries expense 8 , 3 7 0 Rent revenue 4 0 , 5 0 0 Monthly financial statements are prepared  Using the following information, report the adjusting entries necessary on January 3 1 using the financial statements effect template  1   Prepaid insurance represents a three   year premium paid on January 1   2   Supplies of $ 2 , 2 9 5 were still available on January 3 1   3   Office equipment purchased on January 1 , is expected to last eight years  Round calculation to the nearest whole number  4   On January 1 , Ideal Properties collected six months' rent in advance from a tenant renting space for $ 2 , 3 5 8 per month  5   Accrued employee salaries of $ 7 3 5 have not been recorded as of January 3 1   Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset   Assets   Liabilities   Capital   Capital Revenues   Expenses   Income 1 Adj  for prepaid insurance  Answer 1 0 Answer 2 0 Answer 3 0 Answer 4 0 Answer 5 0 Answer 6 0 Answer 7 0 Answer 8 0 2 Adj  for supplies used  Answer 9 0 Answer 1 0 0 Answer 1 1 0 Answer 1 2 0 Answer 1 3 0 Answer 1 4 0 Answer 1 5 0 Answer 1 6 0 3 Adj  for depreciation  Answer 1 7 0 Answer 1 8 0 Answer 1 9 0 Answer 2 0 0 Answer 2 1 0 Answer 2 2 0 Answer 2 3 0 Answer 2 4 0 4 Adj  for tenant rent  Answer 2 5 0 Answer 2 6 0 Answer 2 7 0 Answer 2 8 0 Answer 2 9 0 Answer 3 0 0 Answer 3 1 0 Answer 3 2 0 5 Adj  for salaries  Answer 3 3 0 Answer 3 4 0 Answer 3 5 0 Answer 3 6 0 Answer 3 7 0 Answer 3 8 0 Answer 3 9 0 Answer 4 0 0

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Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 3 1 before any adjusting entries have been made.

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