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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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.
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
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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