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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

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
Supplies $ 1,000
Prepaid Insurance 4,000
Salaries Payable $ 9,000
Deferred Revenue 1,000

The following information is known for the month of December:

  1. Purchases of supplies during December total $2,500. Supplies on hand at the end of December equal $2,500.

  2. No insurance payments are made in December. Insurance cost is $1,000 per month.

  3. November salaries payable of $9,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $14,000.

  4. On November 1, a tenant paid Golden Eagle $1,500 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.)

image text in transcribed

Supplies Prepaid Insurance Salaries Payable Deferred Revenue November 30 Debit Credit $1,000 4,000 $9,000 1,000 The following information is known for the month of December: 1. Purchases of supplies during December total $2,500. Supplies on hand at the end of December equal $2,500. 2. No insurance payments are made in December. Insurance cost is $1,000 per month. 3. November salaries payable of $9,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $14,000. 4. On November 1, a tenant paid Golden Eagle $1,500 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit N 1 December 31 1,000 Supplies Expense Supplies 1,000 2 December 31 1,300 Insurance Expense Prepaid Insurance 1,300 3 December 31 16,000 Salaries Expense Salaries Payable 16,000 4 December 31 1,500 Deferred Revenue Service Revenue 1,500

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