The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 3 0 and
Question:
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November and December trial balances contained the following account information:
November December
Debit Credit Debit Credit
Supplies
Prepaid insurance
Salaries payable
Deferred rent revenue
The following information also is known:
The December income statement reported $ in supplies expense.
No insurance payments were made in December.
$ was paid to employees during December for salaries.
On November a tenant paid Righter $ 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 Taccounts below. The beginning balances should be the balances as of November
Using the above information, prepare the adjusting entries Righter recorded for the month of December. Required