Answer:
30-Nov 31-Dec
debit credit debit credit
supplies $2,000 $3,500
prepaid Insurance $8,000 $6,000
salaries payable $11,000 $16,000
unearned revenue $3,000 $1,500
1. Purchases of supplies in December total $4,500.
Dr Supplies expense 3,000
Cr Supplies 3,000
beginning balance = $2,000 + $4,500 = $6,500
supplies expense = $6,500 - ending balance
2. No insurance payments are made in December.
Dr Insurance expense 2,000
Cr Prepaid insurance 2,000
Insurance expense = November 30's balance - December 31's balance
3. $11,000 is paid to employees during December for November salaries.
Dr Salaries expense 16,000
Cr Salaries payable 16,000
The beginning balance of salaries payable = $11,000, then it was paid (balance = $0), so any ending balance represents wages expense.
4. On November 1, a tenant pays Golden Eagle $4,500 in advance rent for the period November through January.
Dr Unearned revenue 1,500
Cr Rental revenue 1,500
Monthly rent revenue = $4,500 / 3 = $1,500
unearned revenue balance Nov. 30 = $3,000
unearned revenue balance Dec. 31 = $1,500
rental revenue = Nov. 30's balance - Dec. 31's balance