Answer:
GOLDEN EAGLE COMPANY
Adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.
Debit Supplies Expense $2,050
Credit Supplies $2,050
Debit Insurance Expense $1,050
Credit Prepaid Insurance $1,050
Debit Salaries Expense $14,100
Credit Salaries Payable $14,100
Debit Unearned Revenue $1,500
Credit Rent Revenue $1,500
Explanation:
a) Data and Calculations:
Golden Eagle Company
November 30 adjusted trial balance
30-Nov 31-Dec
Debit Credit Debit Credit
Supplies $2,000 $2,550
Prepaid Insurance $8,000 $6,950
Salaries payable $11,000 $16,000
Unearned revenue $3,000 $1,500
Supplies:
Nov. 30 balance $2,000
Purchase 2,600
Supplies expense 2,050
Balance $2,550
Prepaid Insurance:
Nov. 30 balance $8,000
Insurance exp. 1,050
Dec. 31 balance $6,950
Salaries Payable:
Nov. 30 balance $11,000
Salaries expense 14,100
Cash paid 9,100
Dec. 31 balance 16,000
Unearned Revenue:
Nov. 30 balance $3,000
Rent Revenue $1,500
Dec. 31 balance 1,500
