Question
Golden Eagle Company has the following balances at the end of November: November 30 Debit Credit Supplies $1,450 Prepaid Insurance 5,800 Salaries Payable $9,900 Deferred
Golden Eagle Company has the following balances at the end of November:
| November 30 | ||
|---|---|---|
| Debit | Credit | |
| Supplies | $1,450 | |
| Prepaid Insurance | 5,800 | |
| Salaries Payable | $9,900 | |
| Deferred Revenue | 0 | |
The following information is known for the month of December:
Purchases of supplies for cash during December were $3,400. Supplies on hand at the end of December equal $2,950.
No insurance payments are made in December. Insurance expired in December is $1,450.
November salaries payable of $9,900 were paid to employees in December. Additional salaries for December owed at the end of the year are $14,900.
On December 1, Golden Eagle received $2,850 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided.
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Auditing And Assurance Services A Systematic Approach
Authors: William Messier, Steven Glover, Douglas Prawitt
12th Edition
1264100671, 978-1264100675
