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Golden Eagle Company has the following balances at the end of November: November 30 Debit Credit Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 0 The following information is known for the month of December: Purchases of supplies for cash during December were $4,500. Supplies on hand at the end of December equal $3,500. No insurance payments are made in December. Insurance expired in December is $2,000. 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. On December 1, Golden Eagle received $4,500 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year - end adjusting entry. (If no entry is required for a particular transaction/ event, select "No Journal Entry Required" in the first account field.)

Golden Eagle Company has the following balances at the end of November: November 30 Debit Credit Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 0 The following information is known for the month of December: Purchases of supplies for cash during December were $4,500. Supplies on hand at the end of December equal $3,500. No insurance payments are made in December. Insurance expired in December is $2,000. 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. On December 1, Golden Eagle received $4,500 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year - end adjusting entry. (If no entry is required for a particular transaction/ event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Golden Eagle Company has the following balances at the end of November: November 30 Debit Credit Supplies $2,000 Prepaid Insurance 8, 000 Salaries Payable $11,000 Deferred Revenue 0 The following information is known for the month of December: Purchases of supplies for cash during December were $4,500. Supplies on hand at the end of December equal $3,500. No insurance payments are made in December. Insurance expired in December is $2,000. 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. On December 1, Golden Eagle received $4, 500 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year - end adjusting entry. (If no entry is required for a particular transaction/ event, select "No Journal Entry Required" in the first account field.)
Transcribed Image Text:Golden Eagle Company has the following balances at the end of November: November 30 Debit Credit Supplies $2,000 Prepaid Insurance 8, 000 Salaries Payable $11,000 Deferred Revenue 0 The following information is known for the month of December: Purchases of supplies for cash during December were $4,500. Supplies on hand at the end of December equal $3,500. No insurance payments are made in December. Insurance expired in December is $2,000. 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. On December 1, Golden Eagle received $4, 500 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year - end adjusting entry. (If no entry is required for a particular transaction/ event, select "No Journal Entry Required" in the first account field.)
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