Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments $492,000 Cost of goods sold 80,000 Insurance expense 6,000 Interest expense 10,000 Income tax expense 8,000 Depreciation expense 284,000 12,000 4,000 30,000 20,000 Required: Prepare the necessary closing entries at December 31, 2021. E 2-15 Cash versus accrual accounting, adjusting entries - LO2-5, LO2-6, LO2-9 The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. 1.500 6,000 3,000 4,500 Supplies Prepaid insurance Salaries payable Deferred rent revenue 10,000 2.000 15.000 1.000 The following information also is known: a. The December income statement reported $2.000 in supplies expense. b. No insurance payments were made in December. c. $10,000 was paid to employees during December for salaries. d. On November 1, 2021, a tenant paid Righter $3,000 in advance rent for the period November through January. Deferred rent revenue was credited. Required: 1. What was the cost of supplies purchased during December? 2. What was the adjusting entry recorded at the end of December for prepaid insurance? 3. What was the adjusting entry recorded at the end of December for accrued salaries? 4. What was the amount of rent revenue recognized in December? What adjusting entry was recorded at the end of December for deferred rent revenue