Other
Acc 3000 Homework Ch 2 Ex. 5
- Course
- ACC 3000
- Institution
- Baruch College
Homework for chapter 2, example 5 with solution.
[Show more]
Seller
Follow
Content preview
The Righter Shoe Store Company prepares monthly financialstatements for its bank. The November 30 and December 31, 2018,
trial balances contained the following account information:
Nov. 30 Dec. 31
Dr. Cr. Dr. Cr.
1,70 3,20
Supplies
0 0
6,20 4,60
Prepaid insurance
0 0
11,00 15,20
Salaries and wages payable
0 0
Deferred rent revenue 2,400 1,200
The following information also is known:
a. The December income statement reported $2,200 in
supplies expense.
b. No insurance payments were made in December.
c. $11,000 was paid to employees during December for
salaries and wages.
d. On November 1, 2018, a tenant paid Righter $3,600 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 beginning balances should be the balances as
of November 30.
2. Using the above information, prepare the adjusting entries Righter
recorded for the month of December.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76449 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now