Reference no: EM132737639
Question - The following information is available for United Corporation on July 31 for the month just ended.
1. $250 of the insurance policy purchased in advance has expired.
2. A review of the $24,500 unadjusted balance in the prepaid rent account shows a remaining balance of $20,750 at the end of the month.
3. $600 of property taxes have accrued and are unrecorded.
4. The estimated monthly depreciation on the equipment is $130.
5. Accrued salaries at month-end totalled $5,500.
6. United Corporation purchased a building at the start of the month. The building cost $60,000 and is expected to have a residual value of $7,500 at the end of its five-year life.
7. Of the $7,000 rent paid to United Corporation in advance, $6,000 has not yet been earned.
8. $1,550 of the rent paid in advance has expired.
9. Interest of $210 has accrued on a bank loan and is unrecorded.
10. The estimated monthly depreciation on the furniture is $400.
Required - Prepare the required adjusting entries at July 31, 2014.
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