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 $ 1,500 Prepaid Insurance 6,000 Salaries Payable $ 10,000 Deferred Revenue 2,000 The following information is known for the month of December: Purchases of supplies during December total $3,500. Supplies on hand at the end of December equal $3,000. No insurance payments are made in December. Insurance cost is $1,500 per month. November salaries payable of $10,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,000. On November 1, a tenant paid Golden Eagle $3,000 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 unearned revenue on December 31.

Answer 1

Answer:

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Explanation:

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