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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
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. Accounts Debit Credit Cash $ 8,500 Accounts Receivable Prepaid Rent Supplies 13,500 5,400 2,500 Deferred Revenue $ 1,500 Common Stock 10,000 Retained Earnings 4,500 Service Revenue 41,400 Salaries Expense 27,500 $57,400 $57,400 5 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. 2. Prepare an adjusted trial balance as of December 31, 2021.
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