The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.

Accounts Debit Credit

Cash $10,000

Accounts Receivable $15,000

Prepaid Rent $ 7,200

Supplies $ 4,000

Deferred Revenue $ 3,000

Common Stock $11,000

Retained Earnings $ 6,000

Service Revenue $51,200

Salaries Expense $35,000

Totals $71,200 $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.
2. Prepare an adjusted trial balance as of December 31, 2021.