Question

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31...

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:          
  

November 30 December 31
Debit Credit Debit Credit
  Supplies 1,300 2,800
  Prepaid Insurance 5,200 3,900
  Salaries Payable 9,600 14,600
  Deferred Revenue 1,600 800

    

The following information also is known:
a. Purchases of supplies in December total $3,100.
b. No insurance payments are made in December.
c. $9,600 is paid to employees during December for November salaries.
d. On November 1, a tenant pays Golden Eagle $2,400 in advance rent for the period November through January. Deferred Revenue is credited.     
  

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 transaction/event, select "No Journal Entry Required" in the first account field.)
  

Journal entry worksheet
  • Record the adjustment for supplies.
Note: Enter debits before credits.
Transaction General Journal Debit Credit
a.
Business   Accounting   
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Homework Answers

Answer #1
Adjusting entries:
Transaction Accounts title and explanations Debit $ Credit $
a. Supplies expense Account Dr. 1600
    Supplies Account (1300+3100-2800) 1600
b. Insurance expense Account Dr. 1300
   Prepaid insurance Account (5200-3900) 1300
c. Salaries expense Account Dr. 14600
    Salaries payable Account 14600
d. Deferred Revenue Account Dr. 800
     Rental revenue Account 800
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