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 $8,500 Accounts Receivable 13,500 Prepaid Rent 5,400 Supplies 2,500 Deferred Revenue $1,500 Common Stock 10,000 Retained Earnings 4,500 Service Revenue 41,400 Salaries Expense 27,500 $57,400 $57,400 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,400, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $1,500, represents payment in advance from a customer. By the end of the year, $375 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, 2025. 4. The balance of Supplies, $2,500, represents the amount of office supplies on hand. at the beginning of the year of $950 plus an additional $1,550 purchased throughout 2024. By the end of 2024, only $650 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 ences 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.) View transaction list Journal entry worksheet The balance of Prepaid Rent, $5,400, 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 General Journal Debit Credit December 31 Rent Expense 1,800 Deferred Revenue 375 Salaries Expense 600 Supplies Expense 1,850 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet 2 3 4 The balance of Deferred Revenue, $1,500, represents payment in advance from a customer. By the end of the year, $375 of the services have been provided. Record the adjusting entry on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet 2 3 4 An additional $600 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. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet