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 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $ 9, 100 14,100 6,120 3,100 $ 2,100 11,000 5,100 44,720 30, 500 $62,920 $62,920 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,120, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022 2. The balance of Deferred Revenue, $2,100, represents payment in advance from a customer. By the end of the year, $525 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, $3,100, represents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2021. By the end of 2021, only $710 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 2 3 4 Record the adjusting entry for rent on December 31. Note: Enter debits before credits General Journal Debit Credit Date December 31 Tecording any necessary adjusting entries. No prior adjustm been made in 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the account field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet 3 4 3 Record the adjusting entry for deferred revenue on December 31. Note: Enter debits before credits General Journal Debit Credit Date December 31 View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for salaries on December 31. Note Enter debits before credits Date General Journal Debit Credit December 31 adjust llar transaction/event, select "No Journal Entry Required" in account field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 be > Record the adjusting entry for supplies on December 31. Note: Enter debits before credits Date General Journal Debit Credit December 31

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

Corporate Finance Text And Cases

Authors: Vishwanath S. R.

3rd Edition

9353282896, 978-9353282899

More Books

Students also viewed these Accounting questions

Question

Why do you think most employers opt for the home-based salary plan?

Answered: 1 week ago