The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2018, trial balances contained the following account information: Dec. 31 Nov. 30 Dr. Cr. Dr. Cr. Supplies Prepaid insurance Salaries and wages payable Deferred rent revenue 2,700 4,200 5,100 7,200 16,000 4,400 16,200 2,200 The following information also is known: a. The December income statement reported $3,200 in supplies expense. b. No insurance payments were made in December. c. $16,000 was paid to employees during December for salaries and wages. d. On November 1, 2018, a tenant paid Righter $6,600 in advance rent for the period November through January. Deferred rent revenue was credited. Required: 1. Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. 2. Using the above information, prepare the adjusting entries Righter recorded for the month of December Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. Supplies Prepaid Insurance Beg. Bal Beg. Bal End. Bal. End. Bal. Salaries and Wages Payable Deferred Rent Revenue Beg. Bal Beg. Bal End. Bal End. Bal. Required 1 Required 2 Required 1 Required 2 entry is required for Using the above information, prepare the adjusting entries Righter recorded for the month of December. (If transaction/event, select "No journal entry required" in the first account field.) no a View transaction list Journal entry worksheet 1 2 3 Record the adjusting entry at the end of December for prepaid insurance. Note: Enter debits before credits Debit Date General Journal Credit Dec 31, 2018 Record entry Clear entry View general journal Required 1 Required 2 Required 1 Required 2 entry is required for a Using the above information, prepare the adjusting entries Righter recorded for the month of December. (If transaction/event, select "No journal entry required" in the first account field.) no View transaction list Journal entry worksheet 1 2 Record the adjusting entry at the end of December for accrued salaries and wages Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2018 Record entry View general journal Clear entry Required 1 Required 2 Required 2 Required 1 Using the above information, prepare the adjusting entries Righter recorded for the month of December. (If no entry is required for transaction/event, select "No journal entry required" in the first account field.) a View transaction list Journal entry worksheet 1 2 3 Record the adjusting entry at the end of December for deferred rent. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2018 View general journal Record entry Clear entry Required 1 Required 2
