The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Debit $8,700 Credit Accounts Receivable 13,700 Prepaid Rent 5,640 Supplies 2,700 Deferred Revenue $1,700 Common Stock 11,000 Retained Earnings 4,700 Service Revenue 41,840 Salaries Expense 28,500 $59,240 $59,230 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,640, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $1,700, represents payment in advance from a customer. By the end of the year, $425 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, 2025. 4. The balance of Supplies, $2,700, represents the amount of office supplies on hand at the beginning of the year of $1,050 plus an additional $1,650 purchased throughout 2024. By the end of 2024, only $670 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.