Reference no: EM132874229
Question - 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 Debit Credit
Supplies 1,000 2,500
Prepaid Insurance 4,000 3,000
Salaries Payable 9,000 14,000
Deferred Revenue 1,000 500
The following information also is known:
a. Purchases of supplies in December total $2,500.
b. No insurance payments are made in December.
c. $9,000 is paid to employees during December for November salaries.
d. On November 1, a tenant pays Golden Eagle $1,500 in advance rent for the period November through January. Deferred Revenue is credited.
Required - Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
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