Reference no: EM132819131

The following information is available for United Corporation on March 31 for the month just ended.

1. Of the rent paid to United Corporation in advance, $250 has been earned.
2. United Corporation purchased a building at the start of the month. The building cost $34,500 and is expected to have a residual value of $9,000 at the end of its five-year life.
3. The monthly depreciation on the furniture is $410.
4. The estimated monthly depreciation on the equipment is $340.
5. A review of the $15,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $11,000 at the end of the month.
6. $2,700 of the advertising paid for in advance has been published by the newspaper.
7. Property taxes of $400 have accrued but are unrecorded.
8. Interest of $360 has accrued on a note payable but is unrecorded.
9. A review of the $10,000 unadjusted balance in the prepaid rent account shows a remaining balance of $3,500 at the end of the month.
10. Unpaid and unrecorded salaries at month-end totalled $2,500.

Problem 1: Prepare the required adjusting entries at March 31, 2014.