Question
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 | $ | 1,850 | ||||
Prepaid Insurance | 7,400 | |||||
Salaries Payable | $ | 10,700 | ||||
Deferred Revenue | 2,700 | |||||
The following information is known for the month of December:
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Purchases of supplies during December total $4,200. Supplies on hand at the end of December equal $3,350.
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No insurance payments are made in December. Insurance cost is $1,850 per month.
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November salaries payable of $10,700 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,700.
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On November 1, a tenant paid Golden Eagle $4,050 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.)
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