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The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30...

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Accounting

The Righter Shoe Store Company prepares monthly financial statements 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.
Supplies 1,800 3,300
Prepaid insurance 6,300 4,650
Salaries and wages payable 11,500 15,300
Deferred rent revenue 2,600 1,300

The following information also is known:

A. The December income statement reported $2,300 in supplies expense.

B. No insurance payments were made in December.

C. $11,500 was paid to employees during December for salaries and wages.

D. On November 1, 2018, a tenant paid Righter $3,900 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.

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