Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Exercise 3-14A Prepare an adjusted trial balance (LO3-3, 3-4) [The following information applies to the questions displayed below.) The December 31, 2021, unadjusted

image text in transcribed
image text in transcribed
Required information Exercise 3-14A Prepare an adjusted trial balance (LO3-3, 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 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $ 8,500 13,500 5,400 2,500 $. 1,5ee 10,000 4,500 41,400 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, 2021, for rent from November 1, 2021, to April 30.2022 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, 2022 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 2021. By the end of 2021, only $650 of supplies remains. Required information 2. Prepare an adjusted trial balance as of December 31, 2021. ok 1 Credit nces DEMON DEACONS CORPORATION Adjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 8,500 Accounts Receivable 13,500 Prepaid Rent Supplies Deferred Revenue Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Supplies Expense Totals 24,500 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For The Environment

Authors: Rob Gray, Jan Bebbington

2nd Edition

0761971378, 978-0761971375

More Books

Students also viewed these Accounting questions

Question

How would you describe the work atmosphere?

Answered: 1 week ago

Question

=+1. How can the process of movie utilization be described?

Answered: 1 week ago