The following information is available for Swan Furnace Cleaners on December 31 for the year just ended.
Interest of $1,740 has accrued on a bank loan and is unrecorded.
Furniture purchased in a previous year for $5,500 will be sold after ten years for $500.
A review of the $20,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $13,300 at the end of the year.
A review of the $22,000 unadjusted balance in the prepaid rent account shows a remaining balance of $15,000 at the end of the year.
$1,300 of the consulting fees paid to Swan Furnace Cleaners in advance has been earned.
Prepare the required adjusting entries at December 31, 2014.
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).