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 $30$ December $31$

Debit Credit Debit Credit

Supplies $3,4004,900$ 

Prepaid insurance $7,9005,450$ 

Salaries payable $19,50016,900$

Deferred rent revenue $5,8002,900$

The following information also is known:

The December income statement reported $$3,900$ in supplies expense.

No insurance payments were made in December.

$$19,500$ was paid to employees during December for salaries.

On November $1,2024,$ a tenant paid Righter $$8,700$ 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. Required $1$

Answer rating: 100% (QA)

Here are the completed Taccounts for December and the adjusting entries Ri... View the full answer