The December 31, Year 1, unadjusted trial balance for a company is presented below Accounts Debit Credit Cash $ 8,300 Accounts Receivable 13,300 Prepaid Rent 5,160 Supplies 2,300 Deferred Revenue $ 1,300 Common Stock 12,000 Retained Earnings 4,300 Service Revenue 37,960 Salaries Expense 26,500 $ 55,560 $ 55,560 At year end, the following additional information is available The balance of Prepaid Rent, $5,160, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2 The balance of Deferred Revenue, $1,300, represents payment in advance from a customer By the end of the year, $325 of the services have been provided An additional $500 in salaries is owed to employees at the end of the year but will not be paid until January 4, Year 2 The balance of Supplies, $2,300, represents the amount of office supplies on hand at the beginning of the year of $850 plus an additional $1,450 purchased throughout Year 1 By the end of Year 1, only $630 of supplies remains Exercise 3 14B Part 1 Required 1 Update account balances for the year end information by recording any necessary adjusting entries No prior adjustments have been made in Year 1 (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 )

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The December 31, Year 1, unadjusted trial balance for a company is presented below. Accounts Debit Credit Cash $ 8,300 Accounts Receivable 13,300 Prepaid Rent

The December 31, Year 1, unadjusted trial balance for a company is presented below.

Accounts	Debit		Credit
Cash	$	8,300
Accounts Receivable		13,300
Prepaid Rent		5,160
Supplies		2,300
Deferred Revenue			$	1,300
Common Stock				12,000
Retained Earnings				4,300
Service Revenue				37,960
Salaries Expense		26,500
	$	55,560	$	55,560

At year-end, the following additional information is available:

The balance of Prepaid Rent, $5,160, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2.
The balance of Deferred Revenue, $1,300, represents payment in advance from a customer. By the end of the year, $325 of the services have been provided.
An additional $500 in salaries is owed to employees at the end of the year but will not be paid until January 4, Year 2.
The balance of Supplies, $2,300, represents the amount of office supplies on hand at the beginning of the year of $850 plus an additional $1,450 purchased throughout Year 1. By the end of Year 1, only $630 of supplies remains.

Exercise 3-14B Part 1

Required:

1. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in Year 1. (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.)