PLEASE EXPLAIN BOTH REQUIREMENTS |:

The December 31, 2024, unadjusted trial balance for a company is presented below. Accounts Credit Debit $9,000 Cash Accounts 14,000 Receivable Prepaid 6,000 Rent Supplies 3,000 Deferred $2,000 Revenue Common 10,000 Stock Retained 5,000 Earnings Service 45,000 Revenue Salaries 30,000 Expense $62,000 $62,000 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,000, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $2,000, represents payment in advance from a customer. By the end of the year, $500 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, $3,000, represents the amount of office supplies on hand at the beginning of the year of $1,200 plus an additional $1,800 purchased throughout 2024. By the end of 2024, only $700 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