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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
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. Supplies 2,000 3,500 Prepaid insurance 6,500 4,750 Salaries payable 12,500 15,500 Deferred rent revenue 3,000 1,500 The following information also is known: The December income statement reported $2,500 in supplies expense. No insurance payments were made in December. $12,500 was paid to employees during December for salaries. On November 1, 2021, a tenant paid Righter $4,500 in advance rent for the period November through January. Deferred rent revenue was credited. Required: 1. Using
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