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: Nov 30 Dec. 31
Dr. Cr Dr. Cr.
Supplies 1500 3000
Prepaid insurance 6000 4500
Salaries and wages payable 10,000 15000
Deferred rent revenue 2000 1000
The following information also is known References
a. The December income statement reported $2,000 in supplies expense
b. No insurance payments were made in December.
c $10,000 was paid to employees during December for salaries and wages
d. On November 1. 2018, a tenant paid Righter $3,000 in advance rent for the period Novenbier theough January Deferred rent revenue was credited
Required:
1. Using the above information for December, complete the T. accounts below The begianing balorices shouldt he the balances as of November 30
2. Using the above information prepare the adjusting entries Righter recorded for the monas of Decernber.