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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.
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