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Acc 3000 Homework Ch 2 Ex. 5
- Course
- ACC 3000
- Institution
- Baruch College
Homework for chapter 2, example 5 with solution.
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The Righter Shoe Store Company prepares monthly financialstatements for its bank. The November 30 and December 31, 2018,
trial balances contained the following account information:
Nov. 30 Dec. 31
Dr. Cr. Dr. Cr.
1,70 3,20
Supplies
0 0
6,20 4,60
Prepaid insurance
0 0
11,00 15,20
Salaries and wages payable
0 0
Deferred rent revenue 2,400 1,200
The following information also is known:
a. The December income statement reported $2,200 in
supplies expense.
b. No insurance payments were made in December.
c. $11,000 was paid to employees during December for
salaries and wages.
d. On November 1, 2018, a tenant paid Righter $3,600 in
advance rent for the period November through January.
Deferred rent revenue was credited.
Required:
1. Using the above information for December, complete the T-
accounts below. The beginning balances should be the balances as
of November 30.
2. Using the above information, prepare the adjusting entries Righter
recorded for the month of December.
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