Transaction Analysis and Adjustments Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made: Account Prepaid insurance Unadjusted Balances $39,960 Supplies 11,580 Office equipment 35,712 Unearned rent revenue 31,500 Salaries expense 18,600 90,000 Rent revenue 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 $5,100 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 $5,250 per month. e. Accrued salaries not recorded as of January 31 are $2,940. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Transaction Assets === Liabilities Stockholders 4 Equity Revenues Expenses = Net Income a. Adjustment for prepaid insurance. 0 0 0 0 0 0 b. Adjustment for supplies 0 0 0 c. Adjustment for office equipment. 0 0 0 d. Adjustment for rent collected in advance. 0 0 0 e. Adjustment for accrued salaries. 0 0