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 $8,800 13,800 5,760 2,800 Credit $1,800 10,000 4,800 43,560 29,000 $60,160 $60, 160 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,760, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $1,800, represents payment in advance from a customer. By the end of the year, $450 of the services have been provided. 3. An additional $600 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, $2,800, represents the amount of office supplies on hand at the beginning of the year of $1,100 plus an additional $1,700 purchased throughout 2024. By the end of 2024, only $680 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. Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $8,800 13,800 5,760 2,800 Credit $1,800 10,000 4,800 43,560 29,000 $60,160 $60, 160 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,760, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $1,800, represents payment in advance from a customer. By the end of the year, $450 of the services have been provided. 3. An additional $600 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, $2,800, represents the amount of office supplies on hand at the beginning of the year of $1,100 plus an additional $1,700 purchased throughout 2024. By the end of 2024, only $680 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
(3).
Transcribed Image Text: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
$8,800
13,800
5,760
2,800
29,000
$60, 160
Credit
$1,800
10,000
4,800
43,560
$60, 160
At year-end, the following additional information is available:
1. The balance of Prepaid Rent, $5,760, represents payment on October 31, 2024, for
rent from November 1, 2024, to April 30, 2025.
2. The balance of Deferred Revenue, $1,800, represents payment in advance from a
customer. By the end of the year, $450 of the services have been provided.
3. An additional $600 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, $2,800, represents the amount of office supplies on hand
at the beginning of the year of $1,100 plus an additional $1,700 purchased
throughout 2024. By the end of 2024, only $680 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.
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Update account balances for the year-end information by recording any necessary adjusuni
made in 2024. (If no entry is required for a particular transaction/event, select "No Journal
not round intermediate calculations.)
View transaction list
Journal entry worksheet
<
1
2
Date
December 31
3
The balance of Prepaid Rent, $5,760, 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.
Record entry
4
General Journal
Clear entry
Debit
Credit
View general journ
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