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The November 30th balances are the beginning balances, then the data below gives other information that effected those accounts during December, the December 31st balances
The November 30th balances are the beginning balances, then the data below gives other information that effected those accounts during December, the December 31st balances are the ending balances. Your adjusting entries should reflect and account for the changes that need to be recorded to update the accounts to those ending balances.
en Eagle Com pany prepares monthly financial statements for its November 30 and December 31 adjusted trial balances include the following account information: November 30 Debit Credit 2,000 8,000 December 31 Debit Credit 3,500 6,000 Supplies Prepaid Insurance Salaries Payable Unearned Revenue 11,000 3,000 16,000 1,500 The following information also is known: 1. Purchases of supplies in December total $4,500 2. No insurance payments are made in December 3. $11,000 is paid to employees during December for November salaries. 4. On November 1, atenant pays Golden Eagle $4,500 in advance rent for the period November through January. Unearned Revenue iscredited. Required Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31Step by Step Solution
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