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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. The following information also is known: a. The December income statement reported $2,300 in supplies expense. b. No insurance payments were made in December. c. $11,500 was paid to employees during December for salaries. d. On November 1, 2024, a tenant paid Righter $3,900 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Beginning Balance 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. Ending Balance November 30 Debit Credit 1,800 6,300 Complete this question by entering your answers in the tabs below. Beginning Balance 11,500 2,600 Required 1 Required 2 Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of Nove Prepaid Insurance Ending Balance December 31 Debit Credit 3,300 4,650 Supplies Salaries Payable 15,300 1,300 Beginning Balance Ending Balance Beginning Balance Ending Balance Deferred Rent Revenue

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. The following information also is known: a. The December income statement reported $2,300 in supplies expense. b. No insurance payments were made in December. c. $11,500 was paid to employees during December for salaries. d. On November 1, 2024, a tenant paid Righter $3,900 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Beginning Balance 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. Ending Balance November 30 Debit Credit 1,800 6,300 Complete this question by entering your answers in the tabs below. Beginning Balance 11,500 2,600 Required 1 Required 2 Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of Nove Prepaid Insurance Ending Balance December 31 Debit Credit 3,300 4,650 Supplies Salaries Payable 15,300 1,300 Beginning Balance Ending Balance Beginning Balance Ending Balance Deferred Rent Revenue

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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Journal entry worksheet 2 < 1 Record the adjusting entry at the end of December for prepaid insurance. Note: Enter debits before credits < Date December 31, 2024 Record entry Journal entry worksheet 1 2 Date December 31, 2024 3 General Journal Note: Enter debits before credits. Record the adjusting entry at the end of December for accrued salaries. Clear entry 3 Date December 31, 2024 Journal entry worksheet 2 Note: Enter debits before credits. General Journal Debit Credit View general journal Record the adjusting entry at the end of December for deferred rent. General Journal Debit Debit > Credit Credit > >
Transcribed Image Text:Journal entry worksheet 2 < 1 Record the adjusting entry at the end of December for prepaid insurance. Note: Enter debits before credits < Date December 31, 2024 Record entry Journal entry worksheet 1 2 Date December 31, 2024 3 General Journal Note: Enter debits before credits. Record the adjusting entry at the end of December for accrued salaries. Clear entry 3 Date December 31, 2024 Journal entry worksheet 2 Note: Enter debits before credits. General Journal Debit Credit View general journal Record the adjusting entry at the end of December for deferred rent. General Journal Debit Debit > Credit Credit > >
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 Beginning Balance Ending Balance November 30 Beginning Balance Debit 1,800 6,300 Ending Balance Credit The following information also is known: a. The December income statement reported $2,300 in supplies expense. b. No insurance payments were made in December. c. $11,500 was paid to employees during December for salaries. d. On November 1, 2024, a tenant paid Righter $3,900 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Supplies 11,500 2,600 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. Salaries Payable Complete this question by entering your answers in the tabs below. December 31 Debit 3,300 4,650 Required 1 Required 2 Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of Nove Prepaid Insurance 15,300 1,300 Credit Beginning Balance Ending Balance Beginning Balance Ending Balance <Requlendt Deferred Rent Revenue Required 2 >
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 Beginning Balance Ending Balance November 30 Beginning Balance Debit 1,800 6,300 Ending Balance Credit The following information also is known: a. The December income statement reported $2,300 in supplies expense. b. No insurance payments were made in December. c. $11,500 was paid to employees during December for salaries. d. On November 1, 2024, a tenant paid Righter $3,900 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Supplies 11,500 2,600 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. Salaries Payable Complete this question by entering your answers in the tabs below. December 31 Debit 3,300 4,650 Required 1 Required 2 Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of Nove Prepaid Insurance 15,300 1,300 Credit Beginning Balance Ending Balance Beginning Balance Ending Balance <Requlendt Deferred Rent Revenue Required 2 >
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