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Assessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted.

	Debits	Credits
Prepaid Insurance	$6,660
Supplies	1,930
Office Equipment	5,952
Unearned Rent Revenue		$5,250
Salaries Expense	3,100
Rent Revenue		15,000

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 $950 were still available on January 31. (c) Office equipment is expected to last eight years (or 96 months). (d) Earlier this month, on January 1, Piotroski collected $5,250 for six months' rent in advance from a tenant renting space for $875 per month. (e) Salaries of $490 have been earned by employees but yet not recorded as of January 31.

	Balance Sheet
Transaction	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contributed Capital	+	Earned Capital
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Income Statement
Revenue	-	Expenses	=	Net Income
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