The following information is available for Antique Accents on July 31 for the mo
ID: 2370049 • Letter: T
Question
The following information is available for Antique Accents on July 31 for the month just ended.a.Of the $4,750 rent paid to Antique Accents in advance, $2,750 has not yet been earned.
b.A review of the $4,200 unadjusted balance in the supplies account shows a balance on hand at the end of the month of $3,600.
c.The estimated monthly depreciation on the furniture is $480.
d.Accrued salaries at month-end totalled $6,500.
e.$800 of the insurance policy purchased in advance has expired.
Prepare the required adjusting entries at July 31, 2011.
Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'.
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