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Make adjusting journal entries as of february

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Reference no: EM132650895

Selected accounts of Rose's Real Estate are shown at 29 February 2020 before any adjusting entries have been made. Given:

Prepaid Insurance (Debit)             900

Supplies (Debit)                         400

Office Equipment (Debit)          5,000

Unearned Rental Fees (Credit)  1,800

Salaries Expenses (Debit)     20,800

Rental Fees Revenue (Credit)  7,000

(a) Prepaid insurance represents premiums for 1 year paid on 1 February 2020.

(b) Supplies of $100 were on hand at 29 February 2020.

(c) Office equipment, which had been purchased on 1 December 2019, is expected to last 10 years.

(d) Rose collected 4 months rent in advance on 1 February 2020 from a tenant renting space for $450 per month.

(e) Accrued salaries not recorded as at 29 February 2020 are $3,000

Required:

Question 1: Adjusting journal entries as of 29 February 2020. Narrations are required.

Reference no: EM132650895

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