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Required information [The following information applies to the questions displayed below.) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.
Required information [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 Debit Cash $10,000 Accounts 15,000 Receivable Prepaid Rent 7,200 Supplies 4,000 Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries 35,000 Expense $71,200 $ 3,000 11,000 6,000 51,200 $71,200 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 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, $4,000, represents the amount of office supplies on hand at the beginning of the year of $1,700 plus an additional $2,300 purchased throughout 2021. By the end of 2021, only $800 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 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
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