A-3 Transaction Analysis and AdjustmentsSelected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made:AccountPrepaid insuranceSuppliesOffice equipmentUnearned rent revenueSalaries expenseRent revenueUnadjustedBalances$6,6601,9305,9525,2503,10015,000Monthly financial statements are prepared. Using the Transaction Analysis Template, determine the financial statement effect of thefollowing 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.perd. On January 1, the firm collected six months' rent in advance from a tenant renting space for $875 month.e. Accrued salaries not recorded as of January 31 are $490.Note: Use negative signs with answers, when appropriate.Transactiona. Adjustment for prepaid insurance.b. Adjustment for suppliesc. Adjustment for office equipment.d. Adjustment for rent collected in advance.e. Adjustment for accrued salaries.AssetsOOOOO000Balance SheetStockholders'Liabilities + Equity0000OOOO00000Revenues010000Income StatementExpenses = Net Income0ооо о0000000

Name: A-3 Transaction Analysis and AdjustmentsSelected accounts of Ideal Pro
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A-3 Transaction Analysis and AdjustmentsSelected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjustments have been made:AccountPrepaid insuranceSuppliesOffice equipmentUnearned rent r

The adjustment entries are prepared to adjust the revenue and expenses for the current period. The…

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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 Supplies Office equipment Unearned rent revenue Salaries expense Rent revenue Unadjusted Balances $6,660 1,930 5,952 5,250 3,100 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.