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The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Debit Credit Cash $8,000 Accounts Receivable 13,000 Prepaid Rent
The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Debit Credit Cash $8,000 Accounts Receivable 13,000 Prepaid Rent 4,800 Supplies 2,000 Deferred Revenue $1,000 Common Stock 12,000 Retained Earnings 4,000 Service Revenue 35,800 Salaries Expense 25,000 $52,800 $52,800 ces At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $4,800, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $1,000, represents payment in advance from a customer. By the end of the year, $250 of the services have been provided. 3. An additional $500 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, $2,000, represents the amount of office supplies on hand at the beginning of the year of $700 plus an additional $1,300 purchased throughout 2024. By the end of 2024, only $600 of supplies remains.
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