The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $8,000 13,000 4,800 2,000 Credit $1,000 12,000 4,000 35,800 25,000 $52,800 $52,800 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.
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
