Reference no: EM132234899
Question - Record adjusting entries
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:
|
November 30
|
December 31
|
Debit
|
Credit
|
Debit
|
Credit
|
Supplies
|
2,000
|
|
4,000
|
|
Prepaid insurance
|
5,000
|
|
4,000
|
|
Salaries payable
|
|
13,000
|
|
17,500
|
Unearned rent revenue
|
|
2,000
|
|
1,000
|
The following information also is known:
a. Purchases of supplies in December total $4,600.
b. No insurance payments are made in December.
c. $13,000 is paid to employees during December for November salaries.
d. On November 1, a tenant pays Golden Eagle $3,000 in advance rent for the period November through January. Unearned Revenue is credited.
Required - Show the adjusting Entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.