Business, 27.02.2020 21:43 tatilynnsoto17
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:
30-Nov 31-Dec
debit credit debit credit
supplies $ 2,000 $ 3,500
prepaid Insurance $ 8,000 $ 6,000
salaries payable $ 11,000 $ 16,000
unearned revenue $ 3,000 $ 1,500
The following information also is known:
(1) Purchases of supplies during December total $4,200.
(2) Supplies on hand at the end of December equal $3,350.
(3) No insurance payments are made in December. Insurance cost is $1,850 per month.
(4) November salaries payable of $10,700 were paid to employees in December.
(5) Additional salaries for December owed at the end of the year are $15,700.
Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.
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Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and Decembe...
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