Golden Eagle Company has the following balances at the end of November:November 30DebitCreditSuppliesPrepaid InsuranceSalaries Payable$1,8007,200$10,600Deferred RevenueThe following information is known for the month of December:1. Purchases of supplies for cash during December were $4,100. Supplies on hand at the end of December equal $3,300.2. No insurance payments are made in December. Insurance expired in December is $1,800.3. November salaries payable of $10,600 were paid to employees in December. Additional salaries for December owed at the end ofthe year are $15,600.4. On December 1, Golden Eagle received $3,900 from a customer for rent for the period December through February. By the end ofDecember, 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 adjustingentry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listView journal entry worksheetNoTransactionGeneral JournalDebitCreditA1(a)Supplies Expense2,600Cash2,600В1(b)Supplies2,6002(a)Insurance Expense1,800........ Required:For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjustingentry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listView journal entry worksheetNoTransactionGeneral JournalDebitCreditA1(a)Supplies Expense2,600Cash2,600В1(b)Supplies2,600C2(a)Insurance Expense1,8002(b)Prepaid Insurance1,800E3(а)Salaries Expense15,600F3(b)Salaries Payable$15,6004(а)Deferred Revenue1,300H4(b)$1,300:.......:%24

Transaction Date General Journal Debit Credit 1 (a) December 1 Supplies $4,100 Cash…

Answered: Golden Eagle Company has the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5PB: Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...

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Golden Eagle Company has the following balances at the end of November:
November 30
Debit
Credit
Supplies
Prepaid Insurance
Salaries Payable
$1,800
7,200
$10,600
Deferred Revenue
The following information is known for the month of December:
1. Purchases of supplies for cash during December were $4,100. Supplies on hand at the end of December equal $3,300.
2. No insurance payments are made in December. Insurance expired in December is $1,800.
3. November salaries payable of $10,600 were paid to employees in December. Additional salaries for December owed at the end of
the year are $15,600.
4. On December 1, Golden Eagle received $3,900 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.)
View transaction list
View journal entry worksheet
No
Transaction
General Journal
Debit
Credit
A
1(a)
Supplies Expense
2,600
Cash
2,600
В
1(b)
Supplies
2,600
2(a)
Insurance Expense
1,800
........

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.)
View transaction list
View journal entry worksheet
No
Transaction
General Journal
Debit
Credit
A
1(a)
Supplies Expense
2,600
Cash
2,600
В
1(b)
Supplies
2,600
C
2(a)
Insurance Expense
1,800
2(b)
Prepaid Insurance
1,800
E
3(а)
Salaries Expense
15,600
F
3(b)
Salaries Payable
$
15,600
4(а)
Deferred Revenue
1,300
H
4(b)
$
1,300
:.......:
%24

Expert Solution

Step 1

Transaction	Date	General Journal	Debit	Credit
1 (a)	December 1	Supplies	$4,100
		Cash		$4,100

1 (b)	December 31	Supplies expense	$2,600
		Supplies		$2,600

2 (a)	December 1	No Entry


2 (b)	December 31	Insurance expense	$1,800
		Prepaid insurance		$1,800

3 (a)	December 1	Salaries payable	$10,600
		Cash		$10,600

3 (b)	December 31	Salaries expense	$15,600
		Salaries payable		$15,600

4 (a)	December 1	Cash	$3,900
		Deferred revenue		$3,900

4 (b)	December 31	Deferred revenue	$1,300
		Rent revenue		$1,300

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