Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 eBook Hint Print The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies

6 eBook Hint Print The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $9,100 14,100 6,120 3,100 30,500 $62,920 Credit $2,100 11,000 5,100 44,720 $62,920 At year-end, the following additional Information is available: 1. The balance of Prepaid Rent, $6,120, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $2,100, represents payment in advance from a customer. By the end of the year, $525 of the services have been provided. 3. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2025. 4. The balance of Supplies, $3,100, represents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2024. By the end of 2024, only $710 of supplies remains. Required: 1. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2024. 2. Prepare an adjusted trial balance as of December 31, 2024. Complete this question by entering your answers in the tabs below.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Decembet 31,2024 , uradjusted tral balance for Demon Descons Corporation is presented below At year end the following additional information is avallable 1. The batance of Prepald Rent, $6.120, represents payment on October 31,2024 , for rent from November 12024 , to April 30,2025 . 2. The balance of Deferred Revenue. \$2,100, cepresents payment in atvance from e customer. By the end of the year, $525 of the services hove beest provided. 3. Anadditional $700 in satarles is owed to employees at the end of the yeat but will not be paid until January 4.2025 4. The batance of Supplies $3,100 repesents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2024 , By the end of 2024 , only $710 of supplies reenains. Required: 1. Update account balances for the year-end infoenation by reconding any necessary adjusting entries. No peior adjustments have been made in 2024 2 Pepare an adjusted trial bolanice as of December 34.2024. Complete this question tw entering your answers in the tabs below. The balance of Prepaid Rent, $6,120, represents payment on October 31 , 2024 , for rent from November 1, 2024, to April 30, 2025. Record the adjusting entry on December 31. Note: Enter debits before credits. Journal entry worksheet The balance of Deferred Revenue, $2,100, represents payment in advance from a customer. By the end of the year, $525 of the services have been provided. Record the adjusting entry on December 31. Note: Enter debits before credits. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2025. Record the adjusting entry on December 31. Note: Enter debits before credits. Journal entry worksheet The balance of Supplies, $3,100, represents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2024. By the end of 2024, only $710 of supplies remains. Record the adjusting entry on December 31. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Accounting Uk Gaap Volume 1

Authors: Frank Wood, Alan Sangster

1st Edition

0273718762, 9780273718765

More Books

Students also viewed these Accounting questions

Question

Explain the triple constraint. Why is it so important?

Answered: 1 week ago