Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information:
November 30
Debit Credit
Supplies $2,000
Prepaid Insurance 8,000
Salaries Payable $11,000
Deferred Revenue 3,000
The following information is known for the month of December:
1. Purchases of supplies during December total $4,500.
2. Supplies on hand at the end of December equal $3,500.
3. No insurance payments are made in December. Insurance cost is $2,000 per month.
4. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.
5. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January ($1,500 per month), and Deferred Revenue was credited for the entire amount.
Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
Answers: 3
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