Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made: Unadjusted Account Balances Prepaid insurance $6,660 Supplies 1,930 Office equipment 5,952 Unearned rent revenue 5,250 Salaries expense 3,100 Rent revenue 15,000 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 $850 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 $875 per month. e. Accrued salaries not recorded as of January 31 are $490. Note: Use negative signs with answers, when appropriate.

Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made: Unadjusted Account Balances Prepaid insurance $6,660 Supplies 1,930 Office equipment 5,952 Unearned rent revenue 5,250 Salaries expense 3,100 Rent revenue 15,000 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 $850 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 $875 per month. e. Accrued salaries not recorded as of January 31 are $490. Note: Use negative signs with answers, when appropriate.

Name: Selected accounts of Ideal Properties Inc., a real estate management
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Description: Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made:UnadjustedАccountBalancesPrepaid insurance$6,660Supplies1,930Office equipment5,952Unearned rent revenu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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