Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 4. Required information [The following information applies to the questions displayed below) Part 1 of 2 16.66 points The December 31, 2021,

image text in transcribed
Check my work 4. Required information [The following information applies to the questions displayed below) Part 1 of 2 16.66 points The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounta Debit Credit Cash $ 8,200 Accounts Receivable 13,200 Prepaid lent 5,040 Supplies 2.200 Deferred Revenge $ 1,200 Common Stock 10,000 Retained Earnings 4,200 Service Revenge 39,240 Salaries Expanse $54,640 $54.640 ebook Print At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,040, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022 2. The balance of Deferred Revenue, $1,200, represents payment in advance from a qustomer. By the end of the year, $300 of the services have been provided, 3. An additional $600 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2022 4. The balance of Supplies, $2,200, represents the amount of office supplies on hand at the beginning of the year of $800 plus an additional $1400 purchased throughout 2021. By the end of 2021, only $620 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 2021 If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

6th Canadian edition

1118644948, 978-1118805084, 1118805089, 978-1118644942

Students also viewed these Accounting questions

Question

=+c) State the null and alternative hypotheses.

Answered: 1 week ago