Exercise 3-14 (Algo) Prepare an adjusted trial balance (LO3-3, 3-4) The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Debit Credit Cash $8,700 Accounts Receivable 13,700 Prepaid Rent 5,640 Supplies 2,700 Deferred Revenue $1,700 Common Stock 11,000 Retained Earnings 4,700 Service Revenue 41,840 Salaries Expense 28,500 $59,240 $59,240 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,640, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $1,700, represents payment in advance from a customer. By the end of the year, $425 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, $2,700, represents the amount of office supplies on hand at the beginning of the year of $1,050 plus an additional $1,650 purchased throughout 2024. By the end of 2024, only $670 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. Required 1 Required 2 Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2024. (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.) nces Required 11 Required 2 Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2024. (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.) View transaction list Journal entry worksheet 3 4 The balance of Prepaid Rent, $5,640, 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. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry Required 11 Required 2 Prepare an adjusted trial balance as of December 31, 2024. DEMON DEACONS CORPORATION Adjusted Trial Balance December 31, 2024 Accounts Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Supplies Expense Totals $ 0 $ < Required 1 Required 2