The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: Nov. 30 Dec. 31
Dr. Cr. Dr. Cr.
Supplies 3,100 4,600
Prepaid insurance 7,600 5,300
Salaries payable 18,000 16,600
Deferred rent revenue 5,200 2,600
The following information also is known:
a. The December income statement reported $3,600 in supplies expense.
b. No insurance payments were made in December.
c. $18,000 was paid to employees during December for salaries.
d. On November 1, 2021, a tenant paid Righter $7,800 in advance rent for the period November through January. Deferred rent revenue was credited.
Required:
1. Using the above information for December, complete the T-accounts below. The begianing balorices should the the balances as of November 30.
2. Using the above information prepare the adjusting entries Righter recorded for the monas of Decernber.