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

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Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:
The following information also is known:
a. Purchases of supplies in December total $3,500.
b. No insurance payments are made in December.
c. $8,700 is paid to employees during December for November salaries.
d. On November 1, a tenant pays Golden Eagle $4,800 in advance rent for the period November through January. Unearned rent revenue was credited.

Golden Eagle Company prepares monthly financial statements for its bank.

Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned rent revenue on December31.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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