Adjusting Entries Selected accounts of Ideal Properties Inc., a real estate management firm, are shown...
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Accounting
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:
Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January :
a Prepaid Insurance represents a threeyear premium paid on January
b Supplies of $ were on hand January
c Office equipment is expected to last eight years. Depreciation is recorded monthly.
d On January the firm collected six months' rent in advance from a tenant renting space for $ per month.
e Accrued salaries not recorded as of January are $
Round your answer to the nearest dollar, as needed.
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