Business, 14.09.2021 07:50 genyjoannerubiera

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.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 20:20

If the government is required to balance the budget and the economy falls into a recession, which of the actions is a feasible policy response? cut taxes to encourage consumer spending invest in infrastructure increase government spending to stimulate the economy cut spending equal to the reduction in tax revenue what is a likely consequence of this policy? unemployment falls due to the economic stimulus. the negative consequences of the recession are magnified. consumer spending increases due to their ability to keep more of their after-tax income. there is hyperinflation due to an increase in aggregate demand.

Answers: 3

Answer

Business, 21.06.2019 21:40

Tandard product costs deerfield company manufactures product m in its factory. production of m requires 2 pounds of material p, costing $4 per pound and 0.5 hour of direct labor costing, $10 per hour. the variable overhead rate is $8 per direct labor hour, and the fixed overhead rate is $12 per direct labor hour. what is the standard product cost for product m? direct material answer direct labor answer variable overhead answer fixed overhead answer standard product cost per unit answer

Answers: 1

Answer

Business, 22.06.2019 07:30

Read the following scenario and answer the question in 5-10 sentences. you are the owner of a small business that is a defendant in a lawsuit in federal court. you received bad news from your lawyer that the judge did not allow certain documents to be admitted as evidence in court and that the jury reached a $50,000 verdict in favor of the plaintiff. your lawyer tells you that it is within your legal right to hire him to file an appeal with the united states court of appeals. if the appellate court rules in your favor, you may be able to avoid paying part or all of the $50,000. evaluate your lawyer’s suggestion about appealing the decision.

Answers: 1

Answer

Business, 22.06.2019 19:30

Nextdoor is an instant messaging application for smartphones. new smartphone users find it easier to connect with friends and relatives through this mobile app when compared to other similar instant messaging applications. hence, it has the largest user base in the industry. thus, nextdoor app's value has increased primarily due to itsa. learning curve effects. b. economies of scale. c. economies of scope. d. network effects.

Answers: 2

Answer

You know the right answer?

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

Questions