Exercise 3-14A Prepare an adjusted trial balance (L03.3, 3.4) [The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit 5 8,200 13,200 5,040 2,200 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 1,200 10,000 4,200 39, 240 26,000 $54.640 $54,640 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 customer. 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 $1,400 purchased throughout 2021. By the end of 2021, only $620 of supplies remains Exercise 3-14A Part 1 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.) 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.) View transaction list Journal entry worksheet