1. Question: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: …….. The following informat ion is known for the month of December: 1. Purchases of supplies during December total $4,500. Sup...
, Golden Eagle Company prepares monthly financial statements for its bank.
The November 30 adjusted trial balance includes the following account
information:
November 30
Debit Credit
The following information is known for the month of December:
1. Purchases of supplies during December total $4,500. Supplies on
hand at the end of December equal $3,500.
2. No insurance payments are made in December. Insurance cost is
$2,000 per month.
3. November salaries payable of $11,000 were paid to employees in
December. Additional salaries for December owed at the end of the
year are $16,000.
4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent
for the period November through January, and Deferred Revenue
was credited for the entire amount.
Required:
Show the adjusting entries that were made for supplies, prepaid insurance,
salaries payable, and deferred revenue on December 31. (If no entry
is required for a particular transaction/event, select "No Journal
Entry Required" in the first account field.)
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