Question

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 Credit Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit Debit 1,200 2,700 4.800 3,600 9,400 1.400 14,400 700 The following information also is known: a. Purchases of supplies in December total $2,900. b. No insurance payments are made in December. c. $9.400 is paid to employees during December for November salaries. d. On November 1, a tenant pays Golden Eagle $2,100 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 Of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

Answer 1

Please find below table useful to get desired results: -

1 B C D Adjusting Entries 2 Transaction General Journal Debit Credit 3 a Supplies Expenses =D4 Supplies Account =1200+2900-2700 (to record the adjustment for supplies) Insurance Expenses =D7 | Prepaid Insurance =4800-3600 (to record the adjustment for insurance) Salaries Expenses 14400 Salaries Payable (to record the adjustment for salaries) 12 Deferred Revenue =D13 13 Service Revenue =1400-700 14 (to record the adjustment for revenue earned) =C9

End results would be as follows: -

1 2 3 LITE B C D Adjusting Entries Transaction General Journal Debit Credit a. Supplies Expenses 1,400 Supplies Account | 1,400 (to record the adjustment for supplies) b. Insurance Expenses 1,200 Prepaid Insurance 1,200 (to record the adjustment for insurance) Salaries Expenses 14,400 Salaries Payable 14.400 (to record the adjustment for salaries) d. Deferred Revenue 700 Service Revenue 700 (to record the adjustment for revenue earned) 12 13 14