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The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Debit $9,300 Credit Accounts Receivable 14,300 Prepaid Rent
The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Debit $9,300 Credit Accounts Receivable 14,300 Prepaid Rent 6,360 Supplies 3,300 Deferred Revenue $2,300 Common Stock 10,000 Retained Earnings 5,380 Service Revenue 47,160 Salaries Expense 31,500 $64,760 $64,760 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,360, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $2,300, represents payment in advance from a customer. By the end of the year, $575 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, 2025. 4. The balance of Supplies, $3,300, represents the amount of office supplies on hand at the beginning of the year of $1,350 plus an additional $1,950 purchased throughout 2024. By the end of 2024, only $730 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 2024. 2. Prepare an adjusted trial balance as of December 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2024. (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 < 1 2 3 4 The balance of Prepaid Rent, $6,360, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. Record the adjusting entry on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
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