Your Answer A review of the ledger of Sunland Corporation at its year end, July 31,...

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Your Answer A review of the ledger of Sunland Corporation at its year end, July 31, 2021, produces the following unadjusted data for the preparation of annual adjusting entries: 1. 2. 3. 4. Prepaid Insurance, July 31, 2021, unadjusted balance, $9,440: The company purchased an insurance policy on December 1, 2019, with a two-year term, which expires November 30, 2021. Buildings, July 31, 2021, unadjusted balance, $241,200: The company owns a building purchased on September 1, 2017, for $241,200, with an estimated 30-year useful life. The company uses straight-line depreciation. Deferred Revenue, July 31, 2021, unadjusted balance, $42,500: The selling price of a digital magazine subscription is $60 for 24 monthly issues delivered over a two-year period. The company had sold 1,000 subscriptions on January 1, 2020, during a special promotion. Salaries Payable, July 31, 2021, unadjusted balance, $0: There are 10 salaried employees. Salaries are paid every Monday for the previous five-day workweek (Monday to Friday). 7 employees receive a salary of $590 each per week, and 3 employees earn $750 each per week. July 31 is a Saturday. (a1) How much insurance expires per month for the building? Insurance expires per month (a3) What was the original purchase price of the policy on December 1, 2019? Original purchase price of the policy $ (e) Prepare the adjusting journal entries required for each of the above four items at July 31, 2021. (Hint: Use the account Subscription Revenue for item (c).) (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1. July 31 2. July 31 3. July 31 4. July 31 Debit Credit Your Answer A review of the ledger of Sunland Corporation at its year end, July 31, 2021, produces the following unadjusted data for the preparation of annual adjusting entries: 1. 2. 3. 4. Prepaid Insurance, July 31, 2021, unadjusted balance, $9,440: The company purchased an insurance policy on December 1, 2019, with a two-year term, which expires November 30, 2021. Buildings, July 31, 2021, unadjusted balance, $241,200: The company owns a building purchased on September 1, 2017, for $241,200, with an estimated 30-year useful life. The company uses straight-line depreciation. Deferred Revenue, July 31, 2021, unadjusted balance, $42,500: The selling price of a digital magazine subscription is $60 for 24 monthly issues delivered over a two-year period. The company had sold 1,000 subscriptions on January 1, 2020, during a special promotion. Salaries Payable, July 31, 2021, unadjusted balance, $0: There are 10 salaried employees. Salaries are paid every Monday for the previous five-day workweek (Monday to Friday). 7 employees receive a salary of $590 each per week, and 3 employees earn $750 each per week. July 31 is a Saturday. (a1) How much insurance expires per month for the building? Insurance expires per month (a3) What was the original purchase price of the policy on December 1, 2019? Original purchase price of the policy $ (e) Prepare the adjusting journal entries required for each of the above four items at July 31, 2021. (Hint: Use the account Subscription Revenue for item (c).) (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1. July 31 2. July 31 3. July 31 4. July 31 Debit Credit