Question

The ledger of Monty Corp.on July 31, 2022, includes the following selected accounts before adjusting entries have been prepared. Credit Supplies Prepaid Rent Buildings Accumulated Depreciation-Buildings Unearned Service Revenue Debit $ 31,200 4,680 325,000 $182,000 14,950 An analysis of the company's accounts shows the following 1. 2. 3. 4. 5. Supplies on hand at the end of the month totaled $24,180, The balance in Prepaid Rent represents 4 months of rent costs. Employees were owed $4,030 related to unpaid and unrecorded salaries and wages. Depreciation on buildings is $7.800 per year. During the month, the company satisfied obligations worth $6,110 related to the Unearned Services Revenue. Unpaid and unrecorded maintenance and repairs costs were $2,990. 6. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answer 1

Date	General Journal	Debit	Credit
31-Jul	Supplies Expense	7020
	Supplies		7020
	31200-24180
31-Jul	Rent expense	1170
	Prepaid rent		1170
	4680/4
31-Jul	Salaries and wages	4030
	Salaries and wages payable		4030
31-Jul	Depreciation expense-Building	7800
	Accumulated depreciation-Building		7800
31-Jul	Unearned Service Revenue	6110
	Service revenue		6110
31-Jul	Maintenance and repairs expense	2990
	Accounts payable		2990