Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information Supplies Prepaid Insurance Salaries

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information Supplies Prepaid Insurance Salaries Payable Deferred Revenge November 30 Debit Credit $1,750 2,000 510,500 2.500 The following information is known for the month of December 1. Purchases of supplies during December total $4,000. Supplies on hand at the end of December equal $3250. 2 No insurance payments are made in December Insurance cost is $1750 per month 3 November salaries payable of $10,500 were paid to employees in December. Additional salaries for December owed at the end of 4 On November 1, a tenant paid Golden Eagle $3750 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 particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry for insurance on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for salaries on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo

2nd Edition

1618533134, 9781618533357

More Books

Students also viewed these Accounting questions

Question

Question 1 (a2) What is the reaction force Dx in [N]?

Answered: 1 week ago

Question

=+1. What are the core best practices for social care?

Answered: 1 week ago