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
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:
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Purchases of supplies for cash during December were $4,500. Supplies on hand at the end of December equal $3,500.
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No insurance payments are made in December. Insurance expired in December is $2,000.
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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.
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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
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