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Show the adjusting entries that were made for supplies

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Question - 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. Supplies on hand at the end of December equal $3,500.

2. No insurance payments are made in December. Insurance cost is $2,000 per month.

3. 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.

4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, 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.

Reference no: EM132497124

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