Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Prepaid Insurance $6,660 Supplies 1,930 Office Equipment 5,952 Unearned Rent Revenue 5,250 Salaries Expense 3,100 Rent Revenue 15,000 Piotroski Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a three-year premium paid on January 1. (b) Supplies of $950 were still available on January 31. (c) Office equipment is expected to last eight years (or 96 months). (d) Earlier this month, on January 1, Piotroski collected $5,250 for six months' rent in advance

Balance Sheet
Transaction	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contributed Capital	+	Earned Capital
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Income Statement
Revenue	-	Expenses	=	Net Income
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