ACCT 212 Week 3 Homework – Practice | Highly RATED PAPER | 100% Correct answers

Week 3 Homework Accounting Cycle 1.Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information:November 30DebitCreditSupplies$2,000 Prepaid Insurance8,000 Salaries Payable$11,000 Deferred Revenue3,000 The following information is known for the month of December:1.Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2.No insurance payments are made in December. Insurance cost is $2,000 per month.3.November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4.On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferredrevenue on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)