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Problem
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:
November 30
December 31
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 in December total $4,500.
2. No insurance payments are made in December.
3. $11,000 is paid to employees during December for November salaries.
4. On November 1, a tenant pays Golden Eagle $4,500 in advance rent for the period November through January. Unearned Revenue is credited.
Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.
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