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: November 30December 31DebitCreditDebitCreditSupplies1,800 3,300 Prepaid insurance6,300 4,650 Salaries payable 11,500 15,300Deferred rent revenue 2,600 1,300The following information also is known:The December income statement reported $2,300 in supplies expense.No insurance payments were made in December.$11,500 was paid to employees during December for salaries.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.Required:Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30.Using the above information, prepare the adjusting entries Righter recorded for the month of December. Beginning BalanceEnding BalanceBeginning BalanceEnding BalanceSupplies1,8003,8003,300Salaries Payable11,5002,30011,50015,30015,300Beginning BalanceEnding BalanceBeginning BalanceEnding BalancePrepaid Insurance6,3004,6501,650Deferred Rent Revenue2,3002,6002,300

T-Account :— It is a type of ledger in which all journal entry transaction is posted. Journal…

Answered: The Righter Shoe Store Company prepares…

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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	November 30	December 31
Debit	Credit	Debit	Credit
Supplies	1,800		3,300
Prepaid insurance	6,300		4,650
Salaries payable		11,500		15,300
Deferred rent revenue		2,600		1,300

Required:

Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30.
Using the above information, prepare the adjusting entries Righter recorded for the month of December.

Beginning Balance
Ending Balance
Beginning Balance
Ending Balance
Supplies
1,800
3,800
3,300
Salaries Payable
11,500
2,300
11,500
15,300
15,300
Beginning Balance
Ending Balance
Beginning Balance
Ending Balance
Prepaid Insurance
6,300
4,650
1,650
Deferred Rent Revenue
2,300
2,600
2,300

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