The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2016, 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 and wages 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 recorded in December.
(c) $18,000 was paid to employees during December for salaries and wages.
(d) On November 1, 2016, a tenant paid Righter $7,800 in advance rent for the period November through January. Deferred rent revenue was credited.
Required:
(1) What was the cost of supplies purchased during December?
(2) What was the adjusting entry recorded at the end of December for prepaid insurance?
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