Show the adjusting entries that were made for supplies

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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.

Reference no: EM132234899

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