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Required information [The following information applies to the questions displayed below.] The December 31, Year 1, unadjusted trial balance for a company is presented below. Debit Credit Accounts $ 8,600 Cash Accounts Receivable Prepaid Rent Supplies 13,600 5,520 2,600 Deferred Revenue 1,600 Common Stock 12,000 4,600 40,120 Retained Earnings Service Revenue Salaries Expense 28,000 $58,320 $58,320 At year-end, the following additional information is available 1. The balance of Prepaid Rent, $5,520, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2. 2. The balance of Deferred Revenue, $1,600, represents payment in advance from a customer. By the end of the year, $400 of the services have been provided. 3. An additional $500 in salaries is owed to employees at the end of the year but will not be paid until January 4, Year 2. 4. The balance of Supplies, $2,600, represents the amount of office supplies on hand at the beginning of the year of $1,000 plus an additional $1,600 purchased throughout Year 1. By the end of Year 1, only $660 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 Year 1. (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 ! Required information View dransacuoN TIST Journal entry worksheet 1 2 3 Record the adjusting entry for rent on December 31 Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal