Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January...
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Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Prepaid Insurance Supplies Office Equipment Unearned Rent Revenue Salaries Expense Rent Revenue Piotroski Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a three-year premium paid on January 1. (b) Supplies of $850 were still available on January 31. (c) Office equipment is expected to last eight years (or 96 months). $19.980 5,790 17,856 15,750 9,300 45.000 (d) The unearned rent revenue represents six months of rent received in advance on January 1. (e) Salaries of $1470 have been earned by employees but yet not recorded as of January 31. Balance Sheet Transaction (a) (b) (C) (d) (e) Cash Asset + Noncash Assets Contributed Earned . Liabilities + Capital + Capital Revenue Income Statement Expenses - Net Income Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Prepaid Insurance Supplies Office Equipment Unearned Rent Revenue Salaries Expense Rent Revenue Piotroski Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a three-year premium paid on January 1. (b) Supplies of $850 were still available on January 31. (c) Office equipment is expected to last eight years (or 96 months). $19.980 5,790 17,856 15,750 9,300 45.000 (d) The unearned rent revenue represents six months of rent received in advance on January 1. (e) Salaries of $1470 have been earned by employees but yet not recorded as of January 31. Balance Sheet Transaction (a) (b) (C) (d) (e) Cash Asset + Noncash Assets Contributed Earned . Liabilities + Capital + Capital Revenue Income Statement Expenses - Net Income
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To adjust the accounts as necessary on January 31 using the financial statements effect template we need to consider the following adjustments a Prepaid insurance represents a threeyear premium paid o... View the full answer
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Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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