The December 31, 2015, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit 10,000 15,000 7,200 4,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Unearned Revenue Share Capital Retained Earnings Service revenue Salaries Expense Total 3,000 10,000 8,200 50,000 35,000 $71,200 $71,200 At year-end, the following additional information is available: a. The balance of Prepaid Rent, $7,200, represents payment on November 30, 2015, for rent from December 1, 2015, to March 31, 2016. b. The balance of Unearned Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $950 of the services have been provided. c. An additional $1,000 in salaries is owed to employees at the end of the year but will not be paid until January 15, 2016. d. The balance of Supplies, $4,000, represents the amount of office supplies at the beginning of the year of $1,700 plus an additional $2,300 purchased throughout 2015. By the end of 2015, only $300 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 2015. 2. Post to the ledger (T- Accounts) after the adjustments (do balances for Service revenue, Rent expense, Salaries expense, Supplies expense and Unearned Revenue). 3. Prepare the income statement after doing the relevant T-accounts for the year ended December 31, 2015. 4. Prepare the closing entries at the year ended December 31, 2015. 5. Do the balance (T- Account) of the retained earnings