The December 31,2024 , unadjusted trial balance for Demon Deacons Corporation is presented below. 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. 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 . Prepare an adjusted trial balance as of December 31,2024 . \begin{tabular}{|l|c|c|} \hline \multicolumn{2}{|c|}{ DEMON DEACONS CORPORATION } \\ \multicolumn{1}{|c|}{ Adjusted Trial Balance } \\ \hline \multicolumn{2}{|c|}{ December 31, 2024 } \\ \hline Accounts & Debit & Credit \\ \hline Cash & & \\ \hline Accounts Receivable & & \\ \hline Prepaid Rent & & \\ \hline Supplies & & \\ \hline Deferred Revenue & & \\ \hline Salaries Payable & & \\ \hline Common Stock & & \\ \hline Retained Earnings & & \\ \hline Service Revenue & & \\ \hline Salaries Expense & & \\ \hline Rent Expense & & \\ \hline Supplies Expense & & \\ \hline Totals & & \\ \hline \end{tabular} Journal entry worksheet The balance of Prepaid Rent, $4,800, 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