Reference no: EM132669323
Question - The ledger of Monty Corp. on July 31, 2022, includes the following selected accounts before adjusting entries have been prepared.
Debit Credit
Supplies $31,200
Prepaid Rent 4,680
Buildings 325,000
Accumulated Depreciation-Buildings $182,000
Unearned Service Revenue 14,950
An analysis of the company's accounts shows the following.
1. Supplies on hand at the end of the month totaled $24,180.
2. The balance in Prepaid Rent represents 4 months of rent costs.
3. Employees were owed $4,030 related to unpaid and unrecorded salaries and wages.
4. Depreciation on buildings is $7,800 per year.
5. During the month, the company satisfied obligations worth $6,110 related to the Unearned Services Revenue.6.Unpaid and unrecorded maintenance and repairs costs were $2,990.
Required - Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.
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