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 rent Prepaid advertising Supplies Unearned refinishing fees Refinishing revenue Unadjusted Balances $4,560 $504 $2,400 $480 $2,000 Using the following information, determine the financial statement effect of the necessary adjustments on July 31: a. On July 1, the firm paid one year's rent of $4,560. b. On July 1, $504 was paid to a local newspaper for an advertisement to run daily for the months of July, August, and September. c. Supplies on hand at July 31 total $880. d. At July 31, refinishing services of $640 have been performed but not yet billed to customers. The firm uses the account Fees Receivable to reflect amounts due but not yet billed. e. One customer paid $480 in advance for a refinishing project. At July 31, the project is one-half complete. Balance Sheet Transaction a. Adjustment for prepaid rent. b. Adjustment for prepaid advertising. c. Adjustment for supplies. d. Adjustment for services performed but not billed. e. Adjustment for advance on project half complete. Income Statement Stockholders' Assets = Liabilities + Equity Revenues Expenses = Net Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O 0 0 0 0 0