The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and...
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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: Supplies Prepaid insurance Salaries payable Nov. 30 Dec. 31 Dr. Cr. Dr. CE. 1,700 3,200 6,200 4,600 11,000 2,400 15,200 1,200 Deferred rent revenue The following information also is known: a. The December income statement reported $2,200 in supplies expense. b. No insurance payments were made in December. c. $11,000 was paid to employees during December for salaries. d. On November 1, 2021, a tenant paid Righter $3,600 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 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: Supplies Prepaid insurance Salaries payable Nov. 30 Dec. 31 Dr. Cr. Dr. CE. 1,700 3,200 6,200 4,600 11,000 2,400 15,200 1,200 Deferred rent revenue The following information also is known: a. The December income statement reported $2,200 in supplies expense. b. No insurance payments were made in December. c. $11,000 was paid to employees during December for salaries. d. On November 1, 2021, a tenant paid Righter $3,600 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
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