The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial balances contained the following account information: Supplies Prepaid insurance Salaries payable Deferred rent revenue Complete this question by entering Required 1 Required 2 Beginning Balance Ending Balance November 30 The following information also is known: a. The December income statement reported $3,000 in supplies expense. b. No insurance payments were made in December. c. $15,000 was paid to employees during December for salaries. Beginning Balance Debit 2,500 7,000 d. On November 1, 2024, a tenant paid Righter $6,000 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Ending Balance Credit Required: 1. Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. 2. Using the above information, prepare the adjusting entries Righter recorded for the month of December. Supplies 15,000 4,000 Salaries Payable December 31 Debit 4,000 5,000 Credit Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. Prepaid Insurance 16,000 2,000 answers in the tabs below. Beginning Balance Ending Balance Beginning Balance Ending Balance Deferred Rent Revenue

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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complete a journal entry worksheet for 

  • Record the adjusting entry at the end of December for prepaid insurance.
    • Record the adjusting entry at the end of December for prepaid insurance.
      • Record the adjusting entry at the end of December for deferred rent.
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial
balances contained the following account information:
Supplies
Prepaid insurance
Salaries payable
Deferred rent revenue
Complete this question by entering
Required 1 Required 2
Beginning Balance
Ending Balance
November 30
The following information also is known:
a. The December income statement reported $3,000 in supplies expense.
b. No insurance payments were made in December.
c. $15,000 was paid to employees during December for salaries.
Beginning Balance
Debit
2,500
7,000
d. On November 1, 2024, a tenant paid Righter $6,000 in advance rent for the period November through January. Deferred rent
revenue was credited at the time cash was received.
Ending Balance
Credit
Required:
1. Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of
November 30.
2. Using the above information, prepare the adjusting entries Righter recorded for the month of December.
Supplies
15,000
4,000
Salaries Payable
December 31
Debit
4,000
5,000
Credit
Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30.
Prepaid Insurance
16,000
2,000
answers in the tabs below.
Beginning Balance
Ending Balance
Beginning Balance
Ending Balance
Deferred Rent Revenue
Transcribed Image Text:The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial balances contained the following account information: Supplies Prepaid insurance Salaries payable Deferred rent revenue Complete this question by entering Required 1 Required 2 Beginning Balance Ending Balance November 30 The following information also is known: a. The December income statement reported $3,000 in supplies expense. b. No insurance payments were made in December. c. $15,000 was paid to employees during December for salaries. Beginning Balance Debit 2,500 7,000 d. On November 1, 2024, a tenant paid Righter $6,000 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Ending Balance Credit Required: 1. Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. 2. Using the above information, prepare the adjusting entries Righter recorded for the month of December. Supplies 15,000 4,000 Salaries Payable December 31 Debit 4,000 5,000 Credit Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. Prepaid Insurance 16,000 2,000 answers in the tabs below. Beginning Balance Ending Balance Beginning Balance Ending Balance Deferred Rent Revenue
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