Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes thefollowing account information:Noverber 30Debit Credit$1,2004,800SuppliesPrepaid InsuranceSalaries PayableDeferred Revenue$9,4001,400The following information is known for the month of December:1. Purchases of supplies during December total $2,900. Supplies on hand at the end of December equal $2,700.2. No insurance payments are made in December. Insurance cost is $1,200 per month.3. November salaries payable of $9,400 were paid to employees in December. Additional salaries for December owed at the end ofthe year are $14,400.4. On November 1, a tenant paid Golden Eagle $2,100 in advance rent for the period November through January, and DeferredRevenue 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.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

At the end of the accounting year, adjusting entries are being made to account any income or…

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: Noverber 30 Debit $1,200 4,800 Credit Supplies Prepaid Insurance Salaries Payable $9,400 1,400 Deferred Revenue The following information is known for the month of December: 1. Purchases of supples during December total $2,900. Supplies on hand at the end of December equal $2,700. 2. No insurance payments are made in December. Insurance cost is $1,200 per month. 3. November salaries payable of $9,40o0 were paid to employees in December. Additional salaries for December owed at the end of the year are $14,400. 4. On November 1, a tenant paid Golden Eagle $2,100 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: Noverber 30 Debit $1,200 4,800 Credit Supplies Prepaid Insurance Salaries Payable $9,400 1,400 Deferred Revenue The following information is known for the month of December: 1. Purchases of supples during December total $2,900. Supplies on hand at the end of December equal $2,700. 2. No insurance payments are made in December. Insurance cost is $1,200 per month. 3. November salaries payable of $9,40o0 were paid to employees in December. Additional salaries for December owed at the end of the year are $14,400. 4. On November 1, a tenant paid Golden Eagle $2,100 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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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