Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 9,400 14,480 6,480 3,480 Accounts Cash Accounts Receivable

image text in transcribed

The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 9,400 14,480 6,480 3,480 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,489 11,90 5,499 46,880 32,000 $65, 680 $65,680 At year-end, the following additional Information is available: 1. The balance of Prepaid Rent, $6,480, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022 2. The balance of Deferred Revenue, $2,400, represents payment in advance from a customer. By the end of the year, $600 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, $3,400, represents the amount of office supplies on hand at the beginning of the year of $1,400 plus an additional $2,000 purchased throughout 2021. By the end of 2021, only $740 of supplies remains. 2. Prepare an adjusted trial balance as of December 31, 2021. DEMON DEACONS CORPORATION Adjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Supplies Expense Totals S 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 And Causal Effects Econometric Challenges

Authors: Douglas A Schroeder

1st Edition

1441972242, 9781441972248

More Books

Students also viewed these Accounting questions

Question

In Problems find the value of each permutation. 4 P 0

Answered: 1 week ago