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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 contalned the following account
The Righter Shoe Store Company prepares monthly financial statements for Its bank. The November 30 and December 31, 2021, trial balances contalned the following account Information: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. Supplies Prepaid insurance Salaries payable 2,8ee 4, 300 7,30e 5,150 16,5ee 16, 300 Deferred rent revenue 2,300 4,600 The following Informatlon also is known: a. The December Income statement reported $3,300 in supplies expense. b. No Insurance payments were made in December. c. $16,500 was pald to employees during December for salarles. d. On November 1, 2021, a tenant pald Righter $6,900 in advance rent for the perlod 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. Prepaid Insurance Supplies Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Payable Deferred Rent Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Required 1 Required 2 Using the above information, prepare the adjusting entries Righter recorded for the month of December. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry at the end of December for prepaid insurance. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2021 Clear entry Record entry View general journal
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