LO3-2, 5 M3-27. Adjusting Accounts Using the Financial Statement Effects Template (FSET) Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31 before any adjusting entries have been made. Unadjusted Account Balances Debits Credits Prepaid insurance........1818 $10,800 Supplies inventory . . . . . . 2.895 Office equipment.. . . . . . 8,928 Unearned rent liability. . $ 7.875 Salaries expense . . . . .. 4.650 Rent revenue ... . . . . . .. .. 22.500 Monthly financial statements are prepared. Using the following information, report the adjusting entries necessary on January 31 using the financial statements effect template. dge Business Publishers Chapter 3 Adjusting Accounts for Financial Statements 3-34 1. Prepaid Insurance represents a three-year premium paid on January 1. 2. Supplies of $1.275 were still available on January 31. 3. Office equipment-purchased on January 1-is expected to last eight years. 4. On January 1, Ideal Properties collected six months' rent in advance from a tenant renting space for $1,310 per month. 5. Accrued employee salaries of $735 have not been recorded as of January 31