Golden Eagle Company has the following balances at the end of November: November 30 Supplies Prepaid...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Golden Eagle Company has the following balances at the end of November: November 30 Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit $1,550 6,200 Credit $10, 100 0 The following information is known for the month of December. 1. Purchases of supplies for cash during December were $3,600. Supplies on hand at the end of December equal $3,050. 2. No insurance payments are made in December. Insurance expired in December is $1,550. 3. November salaries payable of $10,100 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,100. 4. On December 1, Golden Eagle received $3,150 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjusting entry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Golden Eagle Company has the following balances at the end of November: November 30 Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit $1,550 6,200 Credit $10, 100 0 The following information is known for the month of December. 1. Purchases of supplies for cash during December were $3,600. Supplies on hand at the end of December equal $3,050. 2. No insurance payments are made in December. Insurance expired in December is $1,550. 3. November salaries payable of $10,100 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,100. 4. On December 1, Golden Eagle received $3,150 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Required: For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjusting entry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Expert Answer:
Answer rating: 100% (QA)
Golden Eagle Company December Transactions and Adjusting Entries 1 Supplies a Transaction Debit Supp... View the full answer
Related Book For
Managing Supply Chain and Operations An Integrative Approach
ISBN: 978-0132832403
1st edition
Authors: Thomas Foster, Scott E. Sampson, Cynthia Wallin, Scott W Webb
Posted Date:
Students also viewed these accounting questions
-
Redang Chalet Sdn Bhd (RCSB) rents out chalet to tourists at a popular beach in Redang, Terengganu. RCSB own 10 chalets, in which the construction cost amounted to RM1 million. Each chalet is...
-
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002, for $540,000. On January 1, 2012, a review was made of intangible assets and their expected service...
-
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2009, for $540,000. On January 1, 2019, a review was made of intangible assets and their expected service...
-
In Exercises 1 through 18, differentiate the given function. y = x x + 1 2
-
Brice Co. completed the following transactions in 2016, the first year of operation: 1. Issued 40,000 shares of no-par common stock for $10 per share. 2. Issued 8,000 shares of $20 par, 6 percent,...
-
A survey of 60 individuals leaving a mall asked how many stores they entered during this visit to the mall. The figures are listed here. a. Draw a histogram to summarize these data. b. Describe the...
-
What was the firm's return on common stockholders' equity for 2018 ? a. 25.7 percent b. 12.9 percent c. 17.1 percent d. 21.4 percent Sales revenues for 2018 were \(\$ 800,000\), gross profit was \(\$...
-
Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following costs were incurred. Units completed at a cost of $21,000 in the Mixing Department are transferred...
-
Medwig Corporation has a DSO of 34 days. The company averages $2,500 in sales each day (all customers take credit). What is the company's average accounts receivable? Assume a 365-day year. Round...
-
When faced with a clearly erroneous precedent, my rule is simple, writes Supreme Court Justice Clarence Thomas. We should not follow it. How do these words offer a cautionary tale for managers...
-
1. If a USA Motor company decides to invest in a foreign emerging markets, should the company continue using the same cost of capital? If not, provide specific recommendations, how much should the...
-
TOPIC: Gross Income A. Gross Reportable Compensation The employee reported a net take home pay of 180,000. The amount is net of 30,000 withholding income tax and 1,000 SSS. The amount is inclusive of...
-
The liverpool chamber a business that acts for the commercials interest of the merchant of liverpool and was founded in 1850. Paul Cherpeau, the chief executive delivered his presentation giving a...
-
Identify and explain the significance of four events occurring in the first two decades of the twenty-first century that have influenced the reshaping of U.S. federalism, detailing their principal...
-
For V and we R, if v-w=5. ||vl|=8 and ||wl|= 12 Then v-w= (Hint: Use the fact that ||vw|2 = (vw) (vw).) If is the angle between the vectors v and w, then cos@= Let proj, w be the projection of w to...
-
How to add the months from the raw data as labels in the following bar chart? 238889734453955 22 26 30 41 43 Raw Data 46 47 Revenue 48 Target 51 50 Revenue Target. 53 Site Traffic 54 EBITDA Target...
-
A survey found that 28% of consumers from a Country A are more likely to buy stock in a company based in Country A, or shop at its stores, if it is making an effort to publicly talk about how it is...
-
In the busy port of Chennai, India, the number of containers loaded onto ships during a 15-week period is as follows: 1. Develop a linear trend equation to forecast container loadings. 2. Using the...
-
What are the total costs associated with waiting for the case where 4, 5, and 6 representatives are employed during the busy period?
-
What steps are necessary to perform a weighted-factor analysis to evaluating suppliers?
-
What are the seven wastes that Toyota Motor Company addresses in its improvement processes?
-
Purple Company, whose current assets at December 31 are shown in Exercise E13-6B, had net sales for the year of \(\$ 580,000\) and cost of goods sold of \(\$ 339,000\). At the beginning of the year,...
-
Ratios Analyzing Long-Term Firm Solvency The following information is available for Rae Company: Calculate the following: a. 2019 debt-to-equity ratio b. 2019 times-interest-earned ratio c. 2019...
-
Jason Corporation has only common stock outstanding. The firm reported earnings per share of \(\$ 4.00\) for the year. During the year, Jason paid dividends of \(\$ 0.85\) per share. At year end, the...
Study smarter with the SolutionInn App