Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is known for the month of December: 1. Purchases of supplies for cash during December were $3,900. Supplies on hand at the
The following information is known for the month of December: 1. Purchases of supplies for cash during December were $3,900. Supplies on hand at the end of December equal $3,200. 2. No insurance payments are made in December. Insurance expired in December is $1,700. 3. November salaries payable of $10,400 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,400. 4. On December 1, Golden Eagle received $3,600 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjusting entry. (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 A B C Transaction 1(a) 1(b) 2(a) Supplies Cash Salaries Payable Insurance Expense Cash Deferred Revenue General Journal Debit 10,400 1,500 Credit 1,700 1,700 Check my work 10,400 1,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started