My Subscriptions/Courses/ACC110:Spring 2018-Intro to Financial REporting/Chapter 3/Chapter 3 HomeworkStarted onFriday, 9 February 2018, 8:25 PMStateFinishedCompleted onFriday, 9 February 2018, 9:39 PMTime taken1 hour 14 minsMarks286.00/286.00Grade100.00out of 100.00CLICK HERE TO REVIEW LEARNING OBJECTIVES±
QUESTION 1CorrectMark 30.00 out of 30.00Adjusting EntriesSelected accounts of Ideal Properties Inc., a real estate management firm,are shown below as of January 31, before any adjusting entries have been made:DebitCreditPrepaid insurance$6,840Supplies2,100Oﬃce equipment6,240Unearned rent revenue5,550Salaries expense3,250Rent revenue16,000Monthly financial statements are prepared. Using the following information, record in ageneral journal the adjusting entries necessary on January 31:a. Prepaid Insurance represents a three-year premium paid on January 1.b. Supplies of $975 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 monthe. Accrued salaries not recorded as of January 31 are $510Round your answer to the nearest dollar.General JournalDateDescriptionDebitCredita.Jan.31Insurance Expense$190$0Prepaid Insurance0190To record January Insurance expense.b.Jan.31Supplies Expense1,1250Supplies01,125To record January supplies expense.
General JournalDateDescriptionDebitCreditc.Jan.31Depreciation Expense-Oﬃce Equipment650Accumulated Depreciation-Oﬃce Equipment065To record January depreciation on oﬃce equipment.d.Jan.31Unearned Rent Revenue9250Rent Revenue0925To record portion of advance rent earned in January.e.Jan.31Salaries Expense5100Salaries Payable0510To record accrued salaries at January 31.CLICK HERE TO REVIEW LEARNING OBJECTIVES±
QUESTION 2CorrectMark 25.00 out of 25.00Closing EntriesThe adjusted trial balance prepared as of December 31, for Phyllis Howell &Company, Consultant, contains the following revenue and expense accounts:DebitCreditService Fees Earned