Please answer the following account questions ch3q2 CLICK HERE TO REVIEW LEARNIN
ID: 2521369 • Letter: P
Question
Please answer the following account questions
ch3q2
CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION Z Not complete Marked out of 30.00Flag question Adjusting Entries Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January before any adjusting entries have been made: Debit Credit Prepaid insurance Supplies Office equipment Unearned rent revenue Salaries expense Rent revenue $6,860 2,130 6,144 5,550 3,300 15,200 Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January 31 a. Prepaid Insurance represents a three-year premium paid on January 1 b. Supplies of $950 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 $925 per month e. Accrued salaries not recorded as of January 31 are $500 Round your answer to the nearest dollar.Explanation / Answer
Adjusting entry :
Date accounts & explanation debit credit Insurance expense 191 Prepaid insurance 191 (To record insurance expense) Supplies expense (2130-950) 1180 Supplies 1180 (TO record supplies expense) Depreciation expense (6144/8/12) 64 Accumlated depreciation 64 (To record depreciation) Unearned rent revenue 925 Rent revenue 925 (To record revenue) Salary expense 500 Salary payable 500 (To record accured salaries )